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Iceland has done remarkably well to emerge from the economic crisis having experienced only a relatively brief period of major hardship. Differing in its response to many countries, Iceland did not bail out its beleaguered banks, instead leaving creditors to bear much of the loss. In 2011, the country emerged from the International Monetary Fund’s three-year bailout plan in relatively good health, unlike many other countries that received similar aid. It has now been able to return to the international debt markets and has begun repaying its emergency loans.
Despite the economy’s emergence from the doldrums, work surrounding the banking crisis still dominates the largest law firms’ workloads, across a range of practice areas.
LOGOS legal services and Lex Law Offices top the rankings across all the practice areas, although it is the former that is more of a force in cross-border deals, as indicated by its continuing role for international bondholders as creditors of the three failed Icelandic commercial banks. Niche practice BBA is a match for both firms for corporate and banking work, and ADVEL Attorneys at Law, Juris Law Office and Landslog Law Offices are highly rated across many practice areas. Niche firms Jonsson & Hall and Réttur – Adalsteinsson & Partners are leaders on the dispute resolution side, and Arnason Faktor and Sigurjónsson & Thor ehf. are go-to-firms for IP matters.