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Legal market overview
The Estonian M&A market picked up in the third quarter of 2013, with one trend being large multinational corporations selling off parts of their local businesses. Apart from East Capital’s acquisition of 51% of Starman the capital markets are still very quiet. The energy sector, especially in the renewables space, is increasingly busy, which is partly due to the electricity market being opened to competition in 2013. A continuous growth area is the IT and technology sector, where the Estonian start-up and venture capital community is thriving, attracting foreign buyers and investors. The real estate market is slowly recovering as major infrastructure construction projects are being tackled due to EU funding and public procurement initiatives by municipalities.
There has been some movement in the market: boutiques such as Rask have been formed by lawyers leaving major Baltic firms and the Big Four are also setting up their own law firms. Another such firm, Law Office Nordeus, became part of a pan-Baltic firm and rebranded as Fort.
Magnusson Advokatbyrå took on six attorneys from Concordia Attorneys at Law in November 2013 and Glikman & Partnerid merged with Alvin Rödl & Partner Law Office in January 2013, establishing Glikman Alvin & Partners, one of the largest law firms in Estonia.