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"Dittmar & Indrenius is an independent Finnish law firm established in 1899 and focused on the quality of its services within four practice areas: mergers and acquisitions, finance and capital markets, dispute resolution, and corporate and commercial.The aim of Dittmar & Indrenius is to prov..." read more
"Peltonen, Ruokonen & Itäinen’s work covers such industries and businesses as energy, shipbuilding, food processing, retail, materials processing, telecommunications, technology, media, transportation, construction, banking, finance, insurance and reinsurance, and securities markets.PRI’s cl..." read more

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Overview

Finland is unlikely to be hit as hard as other sophisticated European economies by the current financial turmoil, the banking sector having already learnt the need for conservatism following collapse of the sector in the early 1990’s. Nevertheless, it is not immune. The healthy property transaction volume of the first quarter of 2008 all but halted by Q2, and the challenge of finding suitable finance is likely to keep transactions muted for the immediate future. There is a little less gloom in the M&A market, where industrial consolidation and reorganisation is replacing the now-absent private equity driven deals. In addition, high-end corporate trouble-shooting, associated with the international financial crisis, is expected to increase.

Lawyers remain upbeat, insisting that instructions merely change in character as opposed to decline. Finnish law firms also benefit from an exceptionally competitive market, with one client commenting , ‘you need to know who is good and act fast to secure the right resources when the heat is on. Otherwise you will end up with second league. Top is narrow in Finland.’

The market can be summarised as led by two heavyweights, Hannes Snellman Attorneys at Law Ltd and Roschier, whose focus is top-end 

international transactions. Both are spreading their wings outside Finland with international offices, the latest being Hannes Snellman’s new venture in Stockholm which opened in September 2008. Following closely behind this duo in terms of size, international credibility and capability are: Borenius & Kemppinen; Castrén & Snellman Attorneys Ltd; and Krogerus Attorneys Ltd; plus a handful of smaller but expert specialists, including Bird & Bird Attorneys Ltd(TMT); and finance and capital markets experts LMR Attorneys Ltd; Waselius & Wist and White & Case.

For a legal market notorious for its stability, there were a number of significant movements in 2008. Technology experts Fennica caused a stir with its merger with international law firm Bird & Bird Attorneys Ltd, adopting the brand name, otherwise, services and personnel remain unchanged. Borenius & Kemppinen swallowed leading maritime and transport boutique, Aminoff & Weissenberg gaining two first-class litigators and arbitrators in Jan Aminoff and Ulla von Weissenberg. Krogerus Attorneys Ltd hired an entire team from rival Castrén & Snellman Attorneys Ltd, boosting its real estate and finance capability. While at the lower end of the market, Attorneys-At-Law Juridia Ltd merged with IP boutique, Heinomen & Co, bringing a new area of expertise to the firm; and the former Hedman Osborne Clarke Alliance severed formal ties with UK-based Osborne Clarke, rebranding as Hedman Partners, although it will remain preferred adviser for the Baltic region.

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Legal Developments in Finland

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  • Public Procurement 2010

    A practical insight to cross-border Public Procurement
    - Borenius & Kemppinen

  • Cartels & Leniency 2010

    A practical insight to cross-border Cartels & Leniency
    - LMR Attorneys Ltd

  • CARRY FORWARD OF CAPITAL LOSSES EXTENDED FROM THREE TO FIVE YEARS

    According to current regulations in the Income Tax Act, capital losses derived from the sale of assets are deductible from capital gains in the year when the loss is incurred and during three following fiscal years. These provisions are applicable to capital losses incurred by individuals and by corporate entities, if the capital loss is incurred in other than the company’s business or agricultural activities (e.g. in certain rental activities).
    - Borenius & Kemppinen

  • FINNISH TONNAGE TAX REFORM TO THE PARLIAMENT

    On 6 November 2009 the Finnish Government issued a bill proposing amendments to the Finnish tonnage tax regime. The proposed amendments aim to promote the international competitiveness of the Finnish shipping industry and the employment of the branch in question. The new tonnage tax regime offers tax incentives to Finnish shipowners and encourages shipowners to new investments and to bring ships under the Finnish flag. The tax consultants of Attorneys at law Borenius & Kemppinen Ltd are willing to assist the Finnish shipowners in taking advantage of the reform, in the implementation of the tonnage taxation regime and in the tax restructuring of shipowners’ group structure.
    - Borenius & Kemppinen

  • A NEW UPTURN FOLLOWS THE ECONOMIC DOWNSWING - A VIEW ON EMPLOYEE INCENTIVE PROGRAMS

    Even though many industries have pulled out of the current economic situation even with moderate personnel reductions, major redundancies and layoffs could have been avoided completely or at least it could have been possible to decrease the number of persons being made redundant in several companies, if the income-based incentive programmes had been prepared at the time to cover also the demands, large-scale savings objectives and improvement of the profitability set by the prospective recession. As a result of the avoidance of the large scale redundancies, employees’ degree of satisfaction, motivation and confidence in the future, and, with this in mind, the profitability of the company could be better at the present moment.
    - Borenius & Kemppinen

  • Legal Alert - Finnish tonnage tax reform to the Parliament

    On 6 November 2009 the Finnish Government issued a bill proposing amendments to the Finnish tonnage tax regime. The proposed amendments aim to promote the international competitiveness of the Finnish shipping industry and the employment of the branch in question. The new tonnage tax regime offers tax incentives to Finnish shipowners and encourages shipowners to new investments and to bring ships under the Finnish flag.
    - Borenius & Kemppinen

  • Legal Alert - A new upturn follows the economic downswing - a view on employee incentive programs

    Now is the time to start preparing for the next economic upturn and to secure better profitability of the company in the next prospective recession. Now it is the most favourable time for the employer to ensure that it may introduce in time an incentive programme that will better take into account the downswings and improvement of profitability, but at the same time, enabling a competitive process of hiring new employees when the new upturn begins.
    - Borenius & Kemppinen

  • New Issue of Customer Magazine iDEAL

    Borenius Group published new issue of its customer magazine iDEAL.
    - Borenius & Kemppinen

  • iDEAL BORENIUS GROUP MAGAZINE

    Worth is created not by the things you can see, but by the things you cannot - Linnar Viik, Internet guru and associate professor at the Estonian IT College, comments on IP rights.
    - Borenius & Kemppinen

  • INTERNATIONAL MOBILITY: REVISED SOCIAL SECURITY RULES ENTER INTO FORCE IN 2010

    The European Council and the Parliament have adopted a legislative package that includes the entry into force of EC Regulation 883/2004, which modifies the rules governing social security coverage in international mobility situations in Europe. The new rules are expected to enter into force in the first half of 2010.
    - Borenius & Kemppinen

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