The Legal 500

With an international reputation in this field, LAWIN is ‘number one choice’ for a legion of global banks and overseas finance institutions, as well top UK and US law firms requiring local knowledge. Deutsche Bank, JPMorgan, Goldman Sachs, Danske Capital and RBS are just a sample of clients advised in 2010, while Ermo Kosk led advice to energy group Viru Keemia in syndicated loan facilities valued at €221m, the largest finance transaction of the year.

Attorneys at Law Borenius is well-placed to represent Nordic banks’ interests in the region, being one of few Estonian firms with links to Finland due to the ‘Borenius’ alliance. Nordea Bank, Swedbank and Danske Bank are all clients. Priit Pahapill heads a practice with ‘a very good match of high-level knowhow with easy communication’, and led advice to a consortium of banks in the €60m restructuring of loans to Tallink.

Raino Paron at Raidla Lejins & Norcous is one of the country’s top finance lawyers with an extensive résumé of landmark transactions to his name. More recently, he led advice to AB Linas Agro on its €28m IPO, the first flotation on the NASDAQ OMX Vilnius in two years. International investment and leading Nordic banks are regular clients, including Morgan Stanley, Citibank and Swedbank.

Sorainen is ‘excellent in all aspects’ and acts for BNP Paribas, Credit Suisse, and Danske Bank, while a major UK bank was a client gain in 2010. ‘Excellent negotiator’ Reimo Hammerberg is regional head of the firm’s Baltic-wide offices and has ‘outstanding knowledge of PPP and great personal characteristics’. Highlights included advising a club of European banks in the restructuring of €140m credit facilities provided to a multinational.

The extensive international client base at Tark Grunte Sutkiene will now benefit from increased cross-border capability following the firm’s pan-Baltic merger in 2010. The client list includes HSH Nordbank, Swedbank, Deutsche Bank and SEB Enskilda, advising the latter two on the aborted IPO of Eesti Energia, potentially the largest ever offering in the Baltics. The focused practice is led by Hannes Vallikivi, who is ‘always ready to help’ and ‘willing and capable of solving even the ‘lost’ case’.

VARUL excels in this field. Ants Mailend is described as outstanding ‘whose ability to explain complex matters in simple and understandable terms is remarkable’, while the high-profile Paul VARUL is ‘the father of Estonian bankruptcy law’. Clients include domestic and Scandanavian banks such as SEB, Nordea Bank and Swedbank, advising the latter before the Supreme Court in a complex debt recovery case.

Boutique firm Aare Raigi Advokaadibüroo’s longstanding relationship with one of Estonia’s largest banks, SEB, has left a legacy of broad experience at the firm, particularly in managing partner Aare-Heino Raig. Recent mandates include acting for an Estonian-based international property fund on its asset-linked note programme to finance investments in the Caucasus region.

Clients of Concordia Attorneys at Law benefit from the in-house experience of Ott Saame, formerly of SEB and Sales Banka. Client gains in 2010 alone included Nordea Bank, Slovenian bank NLB Interfinanz, and Pohjola Bank, advising the latter on a €200m project finance transaction. Of note is the firm’s expertise in white-collar crime, including financial irregularities.

The only international firm present in the Baltics, Law Office Eversheds Ots & Co is able to utilise overseas know-how in handling complex financial structures. Managing partner Maivi Ots is an experienced professional, currently advising a fund management company on 32 different risk capital investments.

‘Well-known and appreciated in Estonia’, Glikman & Partnerid acts for a number of leading Nordic and Scandinavian banks, such as Svenska Handelsbanken, Nordea Bank and Danske Bank, acting for the latter in numerous financial disputes, loan restructurings and bankruptcy issues. Experienced and popular Mariana Hagström leads the team.

Law Firm Glimstedt will miss the expertise and client-pull of Ilmar Straus, who left in 2010. The firm still has capability in Indrek Leppik and experienced associates such as Marko Saag. Recent instructions include acting for Danske Bank as Estonian counsel in a number of complex litigation, bankruptcy and reorganisation matters.

A leader in the maritime sector, Pohla & Hallmägi has comprehensive finance capability, attracting one of the Baltic’s largest financial institutions and a major government body as regular clients. Two of the firm’s four partners, Asko Pohla and Juri Ploom advise in this area.

The recently merged Tamme Otsmann Ruus Vabamets is a new force in finance litigation, augmenting the existing non-contentious capability of Tõnis Tamme and his team. The firm acted as security agents for Estonian real estate developer Süda Maja’s €5.5m bond issue, and advised a leading domestic electronics retailer on the refinancing its leasing arrangements.

Aivar Pilv Law Office’s leading tax and dispute resolution practices lend themselves well to the financial sector, although former chairman of the Estonian Bar, Aivar Pilv also leads general advisory work such as refinancing agreements.

German attorney Mark Butzman ‘understands the demands of clients’ and heads a team at bnt Attorneys-at-law which includes locally qualified lawyers, advising mainly international and German-based companies and asset management and finance houses. Estonian Hansapank/Swedbank was a recent client gain.

Lextal Law Firm advises a number of players in the financial sector. The practice is led by Ain Kalme, formerly of LAWIN, and is well resourced.

MAQS Law Firm has both significant resources and clients, acting for Allied Irish Bank’s Estonian branch on a number of matters and instructed by a UK magic circle firm concerning regulatory issues within the financial services sector. Kaimo Räppo heads the practice with support from Veikko Toomere.