The Legal 500


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Kazakhstan’s economy is powered by mining of its mineral wealth, ranging from uranium, of which it mines a third of the world’s output, to hydrocarbons. Low commodity prices have had a negative impact, causing a sharp devaluation of the Tenge (the Kazakh currency), putting somewhat of a brake on economic growth. However, sanctions against Russia are leading investors to divert attention to Kazakhstan.


Notable developments on the legal front include Kazakhstan joining the World Trade Organisation in July 2015 and the May 2015 announcement of plans for the Astana International Financial Centre (AIFC), a financial hub modelled on the Dubai International Financial Centre (DIFC) with an English law commercial court system of its own.


Subsurface industry work has attracted a number of top-drawer international law firms to the country, some of which have been present for many years. Highly professional local firms and the legal arms of the Big Four accounting firms also feature on the landscape of what is by far Central Asia’s most sophisticated legal market. Law firms are roughly evenly split between Almaty, the former capital and commercial hub, and Astana, the new capital. Many have offices in both cities, but the AIFC may add urgency to the need for a presence in Astana.


The ranking is based on quality and scope of service. Therefore, a narrowly focused practice may be ranked lower in the table than a quality competitor with a broader base but may still be considered outstanding in its chosen disciplines.


Baker & McKenzie – CIS, Limited, ‘provides a Rolls-Royce service’. In the investment arbitration field, Azamat Kuatbekov, the office’s managing partner, acted alongside members of the firm’s other offices in representing KazTransGas in an arbitration against Georgia regarding investments in KazTransGas-TBILISI. Tax mandates included representing Nelson Petroleum Buzachi in a $15m transfer-pricing dispute. The firm also advises on the competition aspects of M&A deals. Of counsel Igor Kolupayev heads the tax practice and is recommended alongside Curtis Masters, who advises on finance and corporate matters.


Curtis, Mallet-Prevost, Colt & Mosle LLP has ‘a unique perspective on the oil and gas industry’, and its team has ‘outstanding knowledge of the industry and country-specific issues’. Primarily it works for public sector clients, often in international arbitration, but also has ‘stress-resistant negotiators’ that are involved in high-end private sector transactional matters. Askar Moukhitdinov leads the Almaty and Astana offices; he advised KazAtomProm, the publicly owned nuclear utility, on matters relating to its 10% shareholding in Westinghouse. In the banking and M&A sectors, the firm advised Samruk-Kazyna, Kazakhstan’s sovereign wealth fund, on the sale of its stakes in Alliance Bank and Temir Bank to Bulat Utemuratov, one of Kazakhstan’s richest men. New York-based Eric Gilioli is substantially involved in the market’s work: his ‘strength is his ability to provide support and guidance in high-level negotiations’, as well as his ‘knowledge of the local legal, political and cultural specifics’.


Dechert Kazakhstan Limitedexcels at cross-border work’ in the capital markets and oil and gas sectors, as well as in dispute resolution. Texas and England-qualified Walter Daniel, who joined the firm from PwC Legal Kazakhstan in September 2014, ‘does a great job of looking out for client’s interests’; ‘his leadership, presence and language skills are instrumental’. Victor Mokrousov advised Kazkommertsbank on its $465m purchase of a 46.5% stake in BTA Bank from Samruk-Kazyna, and acted for the Kazakhstan Electricity Grid Operating Company on its ‘People’s IPO’. Other clients include Total, China National Petroleum Corporation and Halliburton. Kenneth Mack is recommended for his ‘strategic insights and influence through the American Chamber of Commerce’; he advises on oil and gas matters. Mukhit Yeleuov is ‘a very competent litigator’, and associate Yelena Pestereva has ‘very valuable expertise on Kazakh environmental law’.


Dentons’ ‘very precise, highly knowledgeable and definitely client-oriented’ team advises on a full range of Kazakh law matters including M&A, intellectual property and construction. Victoria Simonova is ‘very knowledgeable; it is impossible for her to not find a solution to her client’s concerns’. Abai Shaikenov is ‘a highly experienced banking lawyer who is always there to provide needed support and valuable advice – he understands clients’ needs and is unafraid to think out of the box’; among other matters, he advised KazAgro National Management Holding on an update of its $2bn debt issuance programme and a separate €600m bond issue. Litigator Kanat Skakov is ‘very good at building arguments in documents and presenting them in hearings’; he represents clients in oil-related and tax litigation. Aigoul Kenjebayeva, who advises major brand owners on trade mark protection and patents, heads the six-partner team.


Kinstellar LLP is ‘excellent, responsive, professional and business-oriented’ and ‘covers the key corporate and finance areas very well’. Other areas of work include litigation before the local courts, joint ventures and capital markets matters; the firm acted for JPMorgan as solicitation agent on planned changes to notes issued by BTA Bank. The ‘very experienced, able and responsive’ Joel Benjamin has ‘a good knowledge of the business environment and local players in Kazakhstan’; he advised UniCredit and the EBRD on a $260m loan financing of Yildirim Group’s project to restructure the Voskhod chromium mine. The ‘responsive, hardworking and business-oriented’ Adlet Yerkinbayev is ‘a superb technical Kazakh lawyer’, who has ‘a good knowledge of infrastructure and M&A’. ‘Very talented’ associate Kuanysh Shekerbekov advises on M&A and data protection.


Morgan, Lewis & Bockius, LLP is ‘one of the best law firms in Kazakhstan, at least in corporate transactions such as M&A and capital markets’. Other areas of work include real estate, public procurement and corporate matters. Aset Shyngyssov, who has created ‘a very efficient and professional team’, is ‘highly experienced in multinational transactions’. The firm advised Geo-Jade Petroleum on its scheduled $350m purchase of a Dutch-based subsurface business operating in the country and assisted VTB Capital with a $3.45bn financing of Eurasian Natural Resources Corporation. Newly appointed international partner Asem Bakenova advises on M&A; she ‘adapts herself very easily to understand new complex matters quickly’. Bakhytzhan Kadyrov, also promoted to international partner, ‘can be relied on for tax issues’. Key partner Klara Nurgaziyeva ‘perfectly understands the local regulations in the corporate, subsurface and competition areas, and has an exceptional ability to work under pressure’.


White & Case Kazakhstan LLP advises on capital markets, debt restructuring, M&A and financing matters in the financial services, pharmaceuticals, mining, and oil and gas sectors. Executive partner Maxim Telemtayev and Vilen Adjivefayev advised HSBC on the $176m sale of its Kazakh operations to Halyk Bank, and assisted Alliance Bank with its consolidation of TemirBank and ForteBank. Alongside the firm’s London office, Pavel Kornikov advised a number of leading banks – including JPMorgan and HSBC – on transactional documents and procurement issues relating to Kazakhstan’s $2.5bn sale of 10 – and 30-year bonds, the country’s first dollar-denominated overseas sale for over a decade. Subsurface-related mandates included advising Kazzinc, a subsidiary of Glencore, on its purchase of Zhairemsky, a supplier of manganese-based products, from Eurasian Natural Resources Corporation. Kirill Zenin, who is qualified in New York, England & Wales and Russia, joined the practice in September 2015.


Aequitas has ‘a multi-functional team with a friendly and warm atmosphere’ that ‘provides all types of legal advice, especially in the oil and gas sector’. The firm advised a foreign oil explorer and producer on a programme to use innovative extraction methods. Managing partner Olga Chentsova is ‘a highly experienced lawyer who always understands the situation and the real business needs of clients’; she acted as a Kazakh law expert in the famous Ruby Roz Agricol v Kazakhstan investment arbitration. Senior adviser Violetta Kim successfully represented White & Case Kazakhstan LLP in a $1.3m tax dispute. Finance partner Valikhan Shaikenov has ‘a fine mind, even in tangled situations’; he advised RBS in a legally unusual recovery of over $20m of debt. Other areas of work include public procurement, construction and employment law.


One of the good local firms in Kazakhstan’, Colibri Kazakhstan LLP is ‘comprised of young, bright, highly intelligent and successful lawyers who know what they do and keep their clients happy’. The firm has ‘an impressive network of local contacts, which is helpful when you need to set up an urgent meeting with government officials’. Artem Timoshenko, who is ‘very efficient in terms of finding legal solutions and information’, advised Samruk Energy, a new client, on a planned sale of shares in four energy companies and also successfully represented Saga Creek Gold Company in an $800,000 tax dispute. Other clients include the EBRD and other areas of work include construction, public procurement and subsurface activity. Saniya Toleshova is ‘very good in negotiations’; Raushana Chaltabayeva was elevated to partner.


Michael Wilson & Partners advises on joint ventures, contracts, shareholder disputes and litigation in the banking, hydrocarbon and hi-tech sectors. Name partner Michael Wilson, an English-qualified solicitor who divides his time between Almaty and Baku, heads the practice. Clients include Bloomberg, for which the firm acted in a VAT dispute.


Norton Rose Fulbright assists key players in the subsurface sector on M&A, finance and operational matters. Yerzhan Kumarov, who leads the Almaty office, advised Rosneft on its deal to use KazTransOil’s pipeline network to transport Russian oil to China. It also advised Yildirim Group on its $425m purchase of ferroalloy assets, including the Voskhod chromium ore mine, from OAO Mechel Group. Other work included acting for KazMicroFinance on obtaining $20m in debt and equity finance from a European hedge fund. Other clients include OMV, which it advised on its planned acquisition of interests in two subsidiaries of KazMunaiGas. Tatiana Muratova is also a key contact.


Olympex Advisers LLP advises on corporate, dispute resolution, finance and subsurface rights matters. Diyar Ereshev, who leads the natural resources practice, advises the Kazakh Ministry of Investment and Development on subsurface matters, while Yessen Massalin and Zhandos Taukenov advise clients such as KazAtomProm and KazTransOil on corporate matters. The firm also represents clients in tax disputes and shipping litigation. Bolat Toktarov is chairman of the council of partners.


Reed Smith LLP advises the Kazakh government on investment treaty disputes, as well as private sector clients on transactions. Belinda Paisley, who divides her time between London and Almaty, led a team that successfully defended the Kazakh government in a high-stakes investment treaty arbitration claim brought by AES Corporation regarding energy sector regulation, following which the claimants were ordered to pay costs. Counsel Askar Zhansagimov, who heads the Astana office, advises on financing and capital markets matters; he assisted the Kazakh Ministry of Finance with its issuance of sovereign Eurobonds. London-based James Wilkinson manages the Kazakh transactional practice as a whole.


Real estate boutique Artyushenko & Partners’ ‘experience saves clients’ time’. Name partner Andrey Artyushenko, ‘a qualified specialist with good industry knowledge’, also shows good ‘business acumen’. In addition to work for a number of household-name clients, the firm advised Kazakhstan’s largest honey producer on the real estate aspects of a merger.


Bolotov & Partners LLP (formerly known as BMF Group LLP) advises on IP, M&A and project financing matters, and has experience in civil and criminal trade mark disputes. In early 2014, it set up BMF Research, a counterfeiting intelligence monitoring venture. The managing partner is Yuri Bolotov.


One of the top firms across Central Asia’, Colibri Law Firm has ‘a very efficient and client-oriented approach’. Areas of work include M&A, construction, corporate, insolvency and financing matters. Otabek Suleimanov advised Zurich on Kazakh insurance law and provided Kazakh law advice to a foreign law firm on a construction project. Ravshan Rakhmanov advises on high-value corporate transactions; Sofia Shaykhrazieva, head of the banking and finance practice across Central Asia, is ‘attentive to quality and easy to communicate with’. Dinara Jarmukhanova, who joined the firm’s Almaty office from Reed Smith LLP, has transactional and investment arbitration experience.


Deloitte TCF, LLP variously advises on corporate, employment, competition, energy, tax law, and dispute resolution. Team head Agaisha Ibrasheva advised Samruk-Kazyna on a corporate reorganisation. Other key figures include senior manager Olessya Kirilovskaya and manager Assel Kazbekova, who advise on due diligence and oil and gas.


Ernst & Young Kazakhstan LLP advises on dispute resolution, energy, licensing, corporate, intellectual property and customs issues. Senior associate Salomat Nurbayeva and Dinara Karimova are ‘extremely client-oriented and pay special attention to the minute details’.


Grata International is ‘a trusted adviser’ in dispute resolution, corporate, employment arbitration and tax matters. Managing partner Rashid Gaissin moved to PwC Legal Kazakhstan in September 2015.


Integrites is ‘a pleasure to deal with and very responsive’. The firm provides ‘very strong and practical advice’ in areas such as competition, customs disputes, financing, real estate and immigration. Managing partner Kurmangazy Talzhanov advised Capital Bank Kazakhstan on the competition and due diligence aspects of its purchase of RBS’ operations in Kazakhstan. Duman Akhmetov ‘shows strong understanding of the clients’ needs’ in IP matters; recently he advised Astana Group on trade mark issues.


Linkage & Mind LLPprovides services of a high quality on a timely basis’ and is ‘always ready to suggest the best and most client-oriented solutions’. The firm handles corporate work and matters involving oil and gas, renewable energy, financing and construction. Managing partner Madina Sypatayeva advised Samruk Energy on its planned sale of two companies with a combined value of over $140m; she is ‘able to give valuable advice on corporate law and M&A; she is very client-oriented and always tries to find the best solution’. Yerzhan Manasov is ‘perfect in tax law and disputes’; ‘his goal-oriented approach saves clients time’.


Nazkhanov and Partners displays ‘a high level of knowledge and extensive expertise’. Chiefly, it represents parties in commercial disputes and defends clients in white-collar criminal proceedings. Managing partner Tair Nazkhanov successfully represented a retailer in a VAT dispute with the Kazakh tax authorities, as well as a private client accused of smuggling fuel into the country from Russia. Natalia Russakova, who undertakes criminal and civil disputes work, is ‘perfectly versed in legal proceedings’.


Oris LLP is ‘a good finance and capital markets firm’ that provides ‘knowledgeable and responsive service’. Founding partner Amir Tussupkhanov has ‘a strong knowledge of the market, authorities and legal practices’. Along with Aituar Madin, who provides ‘succinct, commercial and helpful advice’, he advised Shell on the Kazakh aspects of its $70bn purchase of BG Group plc. Other clients include the EBRD and Airbus.


Sayat Zholshy & Partners’s managing partner Vitaliy Vodolazkin heads the dispute resolution practice. The firm also advises on joint ventures, debt enforceability, construction or M&A, and Arman Berdalin assisted Samruk-Kazyna with the sale of its stake in BTA Bank.


Signum Law Firm provides advice to a number of well-known international clients on environmental, subsurface, taxation, debt recovery, competition law or compliance matters. Managing partner Sofiya Zhylkaidarova is ‘very devoted and supportive of her clients, an excellent negotiator with government officials and creative in finding solutions’. Talgat Sariev is ‘excellent at defending clients in court’ in commercial and tax litigation, and Abylkhair Nakipov is ‘a very proactive, responsive and well-qualified professional’.


Synergy Partners Law Firm LLC provides ‘a high-level service’ in the M&A, corporate and tax sectors. Alzhan Stamkulov is ‘consistently available at short notice’ and ‘proactive’; he advised China Development Bank on a planned $400m loan to Ekibastuz power plant via a Russian bank. Nurzhan Stamkulov gives ‘professional and proper advice’.

Interview with...

Law firm managing partners and practice heads explain how their firms are adapting to clients' changing needs

Press releases

The latest news direct from law firms. If you would like to submit press releases for your firm, send an email request to

Legal Developments in Kazakhstan

Legal Developments and updates from the leading lawyers in each jurisdiction. To contribute, send an email request to

    A quality subsoil and subsoil use legislation is of strategic importance for Kazakhstan.  Since the appearance of the first independent Kazakhstan's regulatory acts governing subsoil use relations and until nowadays, this legislation has undergone a huge number of changes, both conceptual and less important.  It was especially feverish in recent years.  Amendments adopted in December 2014 have perceptibly changed the situation and for the first time over the past 15 years there appeared a trend towards liberalization of legislation regulating the country's pivotal industry.

    Valikhan Shaikenov, Partner, Head of Dispute Resolution, AEQUITAS Law Firm
  • Recognition and Enforcement of Foreign Judgments and Awards in Kazakhstan: Issues and Practical Reco

    Lyailya Tleulina, AEQUITAS Senior Associate
  • New Labor Code: Notes on the Margins

    Yulia Chumachenko, Partner, AEQUITAS Law Firm
  • Liability for Irrational Subsoil Use

    Liability for Irrational Subsoil Use
  • Mergers & Acquisitions

  • Acquisition of goods, works and services in subsurface use: Q&A.

    Kazakhstan's Government continues its policy on attracting the local and foreign investors to develop country's rich mineral reserves. For coordinated working environment, except political stability, investment climate, investors also need well-developed and reasonable legal system.
  • Court Practice and Tax Risks for Subsurface Users in Kazakhstan

    The tax legislation is one of the most dynamically developing areas of law in Kazakhstan. Since the beginning of its formation the taxation system has suffered numerous changes due to both the continuous process of simplification and improvement of administrative procedures, elimination of gaps and ambiguities, the need to regulate new activities, encouragement of the development of certain sectors, and the fundamental change of conditions of taxation and codification of legislation.
  • M&A in Kazakhstan

    M & A transactions in Kazakhstan, as they are usually defined in international practice, when two giant companies merge into one global firm, do not take place in the country. Rather, it is a method of the entrance to the Kazakhstan market of foreign corporations, which make it through the purchase of a local company. Today, in connection with the development of special economic zones that provide attractive tax and customs benefits, the interest in the establishment of industrial production facilities there increased. They are also carried out by M & A transactions.
  • Gas industry in Kazakhstan

    Kazakhstan's key industrial sectors are oil and gas, mining, electricity, transport and communications, chemicals and pharmaceuticals. These sectors were recognised as development priorities in the Government Programme for Accelerated Industrial-Innovative Development (2010 – 2014) (the "Programme"), the aim of which is to diversify the Kazakh economy and modernise industry. Therefore, in 2012, the major changes to the gas sector in Kazakhstan were a result of the Law on Gas and Gas Supply (the "Law on Gas") and appointment of KazTransGas JSC as the sole national operator.

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
  • OLG Frankfurt: Misleading advertising featuring corporate history

    If over the course of its history a company was split up, advertising featuring the company’s history may be misleading. That was the verdict of the OLG Frankfurt (Higher Regional Court of Frankfurt) in a recent ruling (6 U 167/14).
  • Gender Pay Gaps: The Latest Reporting Requirements

    On average, male employees are paid more than female employees. In 2015, men working full-time were paid approximately 9.4% more than women working full-time. As a result, the government is working to introduce measures with the aim of reducing this gap.
  • European Commission Recognises The Importance Of Crowdfunding

    It has been announced last week that the European Commission (EC) has published a report on the EU crowdfunding sector, as part of its Capital Markets Union Action Plan. In doing so, the EC has recognised the growing importance of crowdfunding platforms – websites that allow fundraisers to interact with investors and donors – for the improved economic growth and job creation in Europe. Despite being acknowledged as relatively small at this moment in time, its rapid development has been noted, and for that reason, efforts are being made for crowdfunding to be appropriately regulated en route to becoming one of the key sources of financing for small & medium sized enterprises in the future.
  • Pitmans acts on Westcoast’s acquisition of Art Systems Holdings Ltd

    Pitmans LLP has acted on behalf of its longstanding client, Westcoast (Holdings) Limited on its acquisition of Art Systems Holdings Limited.
  • Dubai Investors Take Ownership Of Porto Montenegro

    One of the biggest news reports in the region last week was the acquisition of Porto Montenegro , the luxury yacht marina located in Tivat, by the Investment Corporation of Dubai (ICD). The marina was handed over to the new owners during a press conference at the Regent Hotel, where the accompanying protocol was signed by ICD's Executive Director, Sheikh Mohammed Al Shaibani, and the CEO of the marina's previous owner – Adriatic Marinas, Oliver Corlette. The conference was also attended by the Montenegrin Prime Minister, Milo Đukanović, and the Minister of Sustainable Development and Tourism, Branimir Gvozdenović.
  • Insolvency Update: Changes that take effect from April 2016

    The Department of Justice has issued a practice direction in connection with the new insolvency express trials pilot.
  • The Apprenticeship Levy

    Following last year’s autumn statement, HMRC has now published draft legislation which introduces the proposed new apprenticeship levy. The levy will have effect from 6 April 2017.

    Another piece of news related to our competition team in Serbia are the recent signings of a Memorandum of Understanding and Agreement of Cooperation in the field of forensics between the Commission for the Protection of Competition and the Ministry of Internal Affairs (MIA).
  • Chinese Company To Invest In Bosnian Thermal Plant

    The Sarajevo Business Forum 2016 (SBF) was, among hosting a number of lectures and discussions, a platform for one of the largest post-war investments in the energy sector in Bosnia & Herzegovina (BiH). The reason for this can be found in the latest reports that an agreement was reached for the EUR 722 million construction of Thermal Power Plant Tuzla's Block 7 between Elektroprivreda BiH and the China Gezhouba Group Corporation , with the official MoU signing taking place on the first day of the SBF 2016. The project financier for the deal in question will be the Export Import Bank of China (EXIM), and the repayment period – together with a five-year grace period, is reported to be 15 years.
  • Karanović & Nikolić Attends Commission’s Anniversary

    ​Karanović & Nikolić attorneys were among the guests at the Republic of Serbia's Commission for the Protection of Competition's 10 year anniversary celebration, which also included an international conference on the topic of the law and policy of competition protection. The conference was opened by Deputy Prime Minister, Prof. Dr Kori Udovički, President of the Commission for Protection of Competition, Dr Miloje Obradović, President of the National Assembly's Committee for Economy, Regional Development, Trade, Tourism and Energy, Dr Aleksandra Tomić, and European Union Delegate, Steffen Hudolin.