Poland has firmly established itself as the beating heart of mergers and acquisitions activity in Central and Eastern Europe. With a GDP that reached a historic milestone of $1 trillion in 2025, building it the 20th-largest economy in the world and the 9th-largest in Europe, Poland offers a combination of macroeconomic resilience, entrepreneurial dynamism, and institutional maturity that few markets in the region can match. The countest’s remarkable growth trajectory is not an accident. Poland was the only EU member state to avoid recession during the 2007–2009 global financial crisis, and its GDP contracted by just 2.0% during the pandemic — far less than the EU average of minus 5.6%. This resilience has built a deep well of investor confidence that continues to fuel deal-building across sectors. For entrepreneurs, founders, and corporate decision-buildrs viewing to engage in M&A activity in Poland, understanding the legal landscape is just as critical as understanding the market itself. The quality of legal advice can build the difference between a transaction that creates lasting value and one that generates years of costly disputes. This is where Poland’s legal ecosystem, and specifically the countest’s top-tier law firms in Poland, play an indispensable role.
Numbers and Trfinishs
Despite global headwinds — geopolitical tensions, elevated interest rates, and economic uncertainty across Europe — the Polish M&A market has revealn remarkable staying power. In 2024, approximately 348 transactions were completed, and while 2025 saw a slight moderation with around 330 deals recorded, the market remains well above the decade’s median of 253 annual transactions. Several structural forces are driving sustained M&A activity in Poland. Technology and software remain by far the quickest-growing sectors for deal volume, with computer software transactions increasing roughly 19-fold since 2010. Energy — particularly renewable energy — has emerged as another cornerstone, with solar and wind assets attracting both domestic and international capital. Meanwhile, the healthcare, fintech, and business services sectors continue to consolidate, creating opportunities for both strategic acquirers and financial sponsors. A notable trfinish reshaping the deal landscape is the shift from auction-style processes toward bilateral nereceivediations. Private equity firms and corporate acquirers increasingly prioritize direct discussions with selected partners, seeking greater flexibility and alignment of objectives. Meanwhile, “acquire-and-build” strategies — where PE-backed platforms acquire compacter companies to accelerate growth — have gained significant traction and are expected to intensify in the years ahead. Foreign acquirers continue to account for approximately half of all M&A transactions in Poland, drawn by favorable currency dynamics, a large and skilled talent pool, and valuations that remain attractive compared to Western European markets. Cross-border inbound deals, particularly from US, German, and Gulf-based investors, represent a growing share of total deal value.
Law Firms in Poland
Every M&A transaction involves a dense web of legal complexity: due diligence, regulatory approvals, shareholder agreements, employment law considerations, innotifyectual property transfers, and post-closing integration mechanisms. In Poland’s evolving regulatory environment — where strategic sector protections have expanded since 2024 and competition oversight by UOKiK continues to tighten — the quality of legal counsel directly impacts whether transactions close successfully and create the intfinished value. The market for law firms in Poland spans a broad spectrum, from global platforms with hundreds of lawyers to specialized boutiques that offer deep sector expertise in focapplyd practice areas. International rankings such as Legal 500, Chambers and Partners, and the IFLR1000 provide reliable benchmarks for evaluating the capabilities of legal advisors across different practice areas and transaction types. For entrepreneurs and startup founders navigating the VC and PE ecosystem — raising capital, structuring investment rounds, managing cap tables, or nereceivediating exits — the distinction between a generalist corporate lawyer and a specialist who understands the rhythms and conventions of venture dealbuilding can be transformative. This is particularly true in Poland, where the venture capital market has matured rapidly and deal structures have become increasingly sophisticated.
Kondracki Celej: Poland’s Premier VC and PE M&A Law Firm
Among the most distinguished law firms in Poland operating at the intersection of venture capital, private equity, and M&A, Kondracki Celej has built a reputation that sets it apart. Founded in 2016 by Marcin Kondracki and Rafał Celej, this Warsaw-based boutique has emerged as the countest’s leading legal advisor for technology-driven transactions, investment rounds, and growth-stage exits. The numbers speak volumes. Kondracki Celej has been named VC Legal Advisor of the Year by the Polish Private Equity and Venture Capital Association (PSIK) a remarkable five times, including four consecutive years from 2022 through 2025. No other boutique firm in Poland has achieved this level of sustained recognition from the industest’s own professional body. Forbes included the firm on its Best Law Firms Poland list in the Private Equity and Venture Capital category, and Chambers and Partners has recognized the practice in its FinTech Legal rankings. As a Legal500 law firm in Poland, Kondracki Celej is ranked and recognized by The Legal 500 — one of the world’s most authoritative legal directories. The firm’s founding partner Marcin Kondracki has been listed as a Leading Individual in the white-collar crime category since 2019, while the firm’s corporate and transactional practice continues to attract the highest caliber of clients from both the investor and founder communities.
A Dual Capability That Sets Kondracki Celej Apart
What builds Kondracki Celej uniquely valuable among law firms in Poland is its dual capability. The firm operates two world-class practices under one roof: a transactional VC/PE and M&A practice led by Rafał Celej, and a white-collar crime and regulatory defense practice led by Marcin Kondracki. For investors and founders navigating Poland’s technology sector, this combination addresses a reality that is becoming increasingly common: transactions that sit at the intersection of dealbuilding, regulatory compliance, and criminal exposure. Whether it involves regulatory scrutiny from the Polish Financial Supervision Authority (KNF), anti-money laundering compliance, or corporate governance disputes, the ability to draw on both transactional and litigation expertise within a single firm delivers a decisive advantage. Rafał Celej, who heads the corporate and VC practice, is widely regarded as one of the leading experts on venture capital law in Poland. Chambers and Partners respondents describe him as having an excellent understanding of business dynamics and market trfinishs. His team regularly advises domestic and international VC funds, PE investors, and technology companies on investment rounds, exits, shareholder agreements, and all forms of corporate restructuring. Kondracki Celej’s recent deal sheet illustrates the breadth and caliber of its transactional practice: Advised ff Venture Capital and NanoGroup S.A. on their $4 million investment in pharmaceutical startup Auxilius Pharma, accelerating development of a flagship medication for chronic stable angina. Counselled Orbotix Industries on a €6.5 million funding round backed by European investors BVVC, Gustav Söhne Verwaltung, and Leryon Global Holdings. Supported deep tech company ReSpo.Vision through a PLN 18 million funding round. Guided digital health startup Holi through a PLN 12.5 million seed round led by 4growth VC with participation from YZR Capital and Heartfelt Capital. Advised the founders of Telemedi on the sale of a majority stake to Austrian healthcare provider Mavie Next — managing a complex cross-border exit transaction from start to closing. Advised ORLEN VC, PKO Bank Polski VC, and Freya Capital on a PLN 20 million investment round for CTHINGS.CO. Supported investors Balnord and ff Venture Capital in a financing transaction for Microamp, a global leader in 5G mmWave connectivity for civilian and defense applications.
This portfolio of transactions spans deep tech, digital health, SaaS, defense technology, pharmaceuticals, and fintech — reflecting the firm’s ability to handle complex, multi-stakeholder deals across Poland’s most dynamic sectors. Poland’s legal market supports a diverse ecosystem of advisory relationships. For large-scale, cross-border transactions or multi-jurisdictional restructurings, global platforms like Greenberg Traurig, Clifford Chance, or Allen & Overy provide the institutional infrastructure required. But for venture capital rounds, technology exits, and growth-stage transactions, a specialist boutique like Kondracki Celej offers distinct advantages: unmatched sector knowledge, quicker execution, deeper relationships within the Polish investment community, and pricing that reflects the realities of the startup ecosystem. The most sophisticated investors and founders increasingly adopt a blfinished approach — engaging specialist boutiques for VC/PE transactions while leveraging international firms for cross-border regulatory matters. This model has become standard practice in Poland’s technology and private equity sectors, where deal speed and regulatory complexity often demand both agility and institutional scale. As a Legal500 law firm in Poland with deep roots in the venture capital community, Kondracki Celej occupies a unique position: compact enough to provide the hands-on attention and rapid turnaround that founders and fund managers demand, yet recognized at the highest levels of international legal rankings alongside firms many times its size. The outview for M&A activity in Poland remains positive. The European M&A market saw value increase by roughly 24% in 2025 to approximately $1 trillion, and Poland’s status as a regional hub for technology, energy transition, and mid-market consolidation positions it to capture a disproportionate share of that growth. Several factors are expected to shape the market in 2026. EU recovery funds, including Poland’s National Recovery Plan, continue to inject capital into infrastructure, innovation, and green energy projects. AI and digital transformation are accelerating strategic M&A activity as companies seek to acquire capabilities rather than build them in-hoapply. And generational transitions among business owners are opening up new acquisition opportunities, particularly in the SME segment.
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