Poland’s legal and business landscape is being shaped by a mix of geopolitical uncertainty and strong domestic fundamentals, creating a nuanced environment for investors and advisers alike, according to Addleshaw Goddard National Managing Partner for Poland and Head of Real Estate Janusz Dzianachowski.
"We’re seeing several trends, and their visibility depends greatly on the sector," Dzianachowski begins. "Overall M&A activity is slightly down, largely driven by geopolitical and macroeconomic uncertainty, not necessarily in Poland itself, but in the broader markets from which investment flows." According to him, domestically, Poland is performing well: "Unemployment remains low, production is stable, and the economy continues to grow. But when European or global M&A slows, Poland inevitably feels the ripple effect. The largest transactions are funded by multinational conglomerates, and their shifting investment priorities influence our deal flow as well."
Looking ahead, Dzianachowski indicates that infrastructure is likely going to see significant activity. "Poland has secured approximately EUR 60 billion in EU funding for infrastructure and public investments, with parts of that already being deployed and the government actively applying for more. On top of that, Poland received EUR 44 billion loans earmarked for defense spending." This level of investment is significant and is already reshaping the legal market, with Dzianachowski stressing that many firms are building or expanding defense-sector practices, and investors with ambitions in defense are increasingly viewing Poland as a strategic jurisdiction.
As far as notable legislative updates go, Dzianachowski points to a bit of a negative space. "Real estate legislation is the clearest gap right now. Work on Polish REITs has slowed considerably, and the concept has not advanced nearly as far as hoped. This is unfortunate, because REITs are essential for encouraging domestic investment." According to him, historically approximately 2% of real estate investment came from local capital, "an extremely low figure compared to neighboring countries. The introduction of REITs would materially change that and boost market liquidity. Aside from this legislative shortfall, few major regulatory developments have occurred."
Moreover, looking ahead, Dzianachowski reports that the "new Transparency Directive is now being implemented. It obliges companies to disclose salary ranges and other financial data during recruitment, a straightforward transposition of EU requirements. And in 2026, a new zoning law will finally take effect. It was adopted more than two years ago, so it’s not “new” in substance, but the implementation date is approaching and will bring changes to planning and real estate processes."
Finally, Dzianachowski takes aim at the legal sector itself. "Legal market remains highly competitive and it is becoming more and more difficult for large, traditional firms relying heavily on high hourly rates. Instead, the market favors firms with flexible pricing models and creative fee arrangements. That flexibility resonates strongly with clients. It does not mean one must lower the rates, but, to win business, everyone should be open to becoming more agile and more attuned to client expectations. In our case, the result has been very healthy growth, and I think we will see more of the same," he concludes.
