The Legal 500

Estonia

Editorial

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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.

Press releases

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Legal Developments in Estonia

Legal Developments and updates from the leading lawyers in each jurisdiction. To contribute, send an email request to
  • Estonia allows claiming punitive damages

    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.
  • Review of reorganisation proceedings in Estonia

    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 Estonian Advertising Act

    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.
  • Division of the company as the joint property between the spouses

    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.
  • Estonian Supreme Court on the tax avoidance rules in share transfers

    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.

Press Releases worldwide

The latest news direct from law firms. If you would like to submit press releases for your firm, send an email request to
  • VEGAS LEX works on regional airports development strategy

    The VEGAS LEX law firm is working on a strategy to develop international airport hubs based on regional airports in Russia.
  • Commercial Litigation and Arbitration Forum: recognition and enforcement of English court judgments

    Head of VEGAS LEX's Dispute Resolution Practice Kirill Trukhanov spoke at the Legal Week Commercial Litigation and Arbitration Forum in London last week
  • VEGAS LEX drafts local air services financing program

    The VEGAS LEX law firm is working on proposals concerning additional funding sources for regional air service programs in Russia
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    800x600 It has been around one year and a half since the Eurogroup decisions to recapitalise Bank of Cyprus via a bail-in on 25 th of March 2013. Cyprus has worked hard since then to exit the financial crisis and to maintain its status and reputation as an international financial centre. Within October 2014, several positive developments which took place suggest that Cyprus is on a good path. These positive developments include: Normal 0 false false false EN-GB X-NONE X-NONE MicrosoftInternetExplorer4 /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-parent:""; mso-padding-alt:0cm 5.4pt 0cm 5.4pt; mso-para-margin:0cm; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:10.0pt; font-family:"Calibri","sans-serif";} Normal 0 false false false EN-GB X-NONE X-NONE MicrosoftInternetExplorer4 /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0cm 5.4pt 0cm 5.4pt; mso-para-margin:0cm; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:10.0pt; font-family:"Calibri","sans-serif";}
  • VDB Loi assists with first Commercial Tax registration by a non-resident

    VDB Loi, a leading legal and tax advisory firm in Myanmar, was this week able to register an unnamed non-resident foreign company without a branch in Myanmar for Commercial Tax (CT) purposes. According to Myanmar’s tax laws, 5% CT is due on, among other things, all services rendered in the country. This includes services that are performed in Myanmar by foreign or non-resident companies such as engineering, installation, drilling or consulting. Until recently, however, there was confusion about the implementation by foreign companies, many of which were under the impression that the CT did not apply to them, unless they formally opened a branch in the country. That confusion has now been lifted as the Internal Revenue Department (IRD) has issued the first CT registration for a foreign service provider who has no presence or branch in Myanmar.
  • Péter Köves elected Vice President of IBA Bar Issues Commission

    Péter Köves has been elected as the Vice President of the Bar Issues Commission of the International Bar Association ("IBA"), the world's largest association for lawyers, law firms and bars.
  • "POPOV & PARTNERS” WITH A NEW ADDRESS

    We are pleased to inform you that, from 28.10.2014 onward, "Popov & Partners" Law office will be working and admitting clients at a new location. Striving to be closer to the clients, the business and the institutions, we have chosen a site situated at the heart of downtown Sofia, which has excellent transport links and is easily accessible from all parts of the city. The address is: Sveta Nedelya Square N 4, floor 4.We are pleased to inform you that, from 28.10.2014 onward, "Popov & Partners" Law office will be working and admitting clients at a new location. Striving to be closer to the clients, the business and the institutions, we have chosen a site situated at the heart of downtown Sofia, which has excellent transport links and is easily accessible from all parts of the city. The address is: Sveta Nedelya Square N 4, floor 4.
  • Moldova: Amendments to the Legislation on Pledges

    On 25 July 2014, the Parliament of the Republic of Moldova (Moldova) adopted Act No. 173/2014 on amending and supplementing of certain legal acts (Act No. 173). Act No. 173 will enter into force on 8 November 2014 and will inter alia change the Act No. 449/2001 on pledges (Pledges Act). The effected changes will have a direct impact on both guarantees issued before the entrance into force of the Act No. 173 (which will have to be dealt under the new legal provisions) and on obligations to be secured under the new legal frame. Act No. 173 is also meant to introduce a series of novelties into Moldovan legislation.  read more...
  • Avellum Partners’ Tax Practice Recommended by International Tax Review

    Kyiv, 22 October 2014  - Avellum Partners is proud to announce that our Tax Practice has been highly recognized by International Tax Review (" ITR "), a highly reputable international magazine for tax professionals published by Euromoney Plc. In particular, Avellum Partners was ranked within Tier 3 according to the World Tax and World Transfer Pricing 2015 proving its leading reputation in Ukraine.
  • Boult Wade Tennant grows the Trade Mark and Domain Names team with six new professionals