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Legal market overview
The market’s relatively stable banking system has continued to provide a diet of investment and cross-border transactions, although the deal flow was inconsistent in 2012.
The ‘Big Six’ full-service firms cornered most of the market’s upper-end deals, making it hard for smaller firms to keep up. That said, a number of new boutiques have been founded. These included Angerjärv & Krautmann, which emerged from the team at Hansa Law Offices and has carved a reputation for itself in tax and disputes, and the newly formed Alterna Law, which was founded in autumn 2012 by lawyers from Glikman & Partnerid.
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On 31st December 2010 amendments to the Law Obligations Act (hereinafter LOA) came into force in Estonia, introducing the regulation allowing claiming punitive and preventive damages. Though the new regulation allows exemplary damages to be awarded only in the event of non-proprietary damages, it nevertheless constitutes a general paradigm shift, allowing for a much broader protection of personal rights.
Until the adoption of Reorganisation Act Estonian legislation did not provide efficient regulation for companies which were in temporary financial difficulties, but could be “rescued” via certain turn-around proceedings to overcome the economically difficult period.
New Advertising Act has entered into force from 1st of November 2008. The main reason for drafting the new Act was the current situation in the advertising market – the legal regulation of the Advertising Act passed in 1997 needed to be modernized. Requirements for advertising goods and services, which are likely to cause controversy in the society, have been specified. Additional restrictions have been provided for advertising of alcohol products and financial services, while exemptions have been added to the advertising regulation of tobacco products and gambling. The efficiency of surveillance has been improved and additional measures have been taken. Consistency with the EU law is important in order to avoid discrimination of foreign manufacturers and service providers. Drafting a new act was expedient, whereas extensive amendments were to be made to the current legal regulation of advertising.
The Civil Chamber of the Estonian Supreme Court has thoroughly handled the topics of division of joint property, repeated some earlier principles and given the clear instruction in the proceeding of division of the joint property of spouses in the question of assessment of the value of the company.
The Estonian Supreme Court handled the taxation of the earnings of the physical persons through the application of the rule of economic interpretation (Taxation Act § 84) in its decision of 6 November 2008. In this case the Supreme Court gave the instructions which circumstances are important for establishing the existence of the objective of tax evasion. This is a significant decision in the cases of transfer of securities, where the tax authority has found that the substance and form of the transaction are not in compliance and in no doubt will have its impact to assessing the tax consequences of corporate restructurings.
Grau & Angulo celebrated its 10 th Anniversary in November, organizing a legal debate at the emblematic Casa Batlló in Barcelona. The partners wish to thank all their clients who have supported them in this exciting ten year journey.
Prestigious international publication The Lawyer has shortlisted Pepeliaev Group in the Best Russian Law Firm category for The Lawyer European Awards 2014 (http://www.thelawyereuropeanevent.com/).
Lidings, a leading legal advisor to foreign businesses in Russia, is delighted to announce that its client largest European low-cost air carrier Irish Rynair has been granted permission to fly to destinations in Russia.
GRATA Law Firm is pleased to announce the appointment of Zeinolla Kalymbetov as Counsel for Business Development in the London Office on 25th October 2013.
Head of dispute resolution practice at Lidings Andrey Zelenin and senior associate in the corporate and M&A practice Vadim Konyushkevich presented "Doing Business in Russia" seminar at the Shanghai Bar Association highlighting all principal aspects of legal regulation applicable to foreign investments in the country. Lidings became the first Russian law firm ever to receive presentation approval by the SBA and the Foreign Affairs Office.
HaoLiWen is pleased to announce that Mr. Li REN, a senior lawyer with extensive experience in anti-monopoly practice has joined HaoLiWen Beijing Office as a partner, effective from November 1, 2013. Mr. Ren previously worked with T&D Associates, a prestigious Chinese law firm. Previously, Mr. Ning Yang joined HaoLiWen as a partner of anti-trust practice.
Inchcape Russia has chosen Lidings to be its official legal adviser in Russia. Lidings will advise the leading auto retailer on corporate law matters, ensure protection of the company's assets in its investment projects and represent Inchcape in dispute resolution.
Lidings will serve as a sponsor and partner for the annual conference "Russia as a Place for Dispute Resolution: Anticipating the Changes" with support from ICC Russia and the ICC International Court of Arbitration. The event will take place on 10 December 2013 in Moscow at the Radisson Royal hotel. At the conference Russian and international experts will discuss the domestic processes in the development and reform of existing legal mechanisms designed to improve commercial dispute resolution.
Bosch has signed an agreement to sell the manufacturing operations for cells and modules in Arnstadt to SolarWorld AG.
(JAKARTA 18 November, 2013) - Squire Sanders and Melli Darsa & Co. (MDC), a leading law firm in Indonesia, are pleased to announce that they have agreed to a formal strategic alliance. Under the agreement, the firms will share a joint platform for business development and the marketing of legal services in Indonesia and international markets, and work closely together for the mutual benefit of a wide range of international and domestic clients.