The Legal 500

Latvia

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Editorial

Legal market overview

Despite being a European Union and euro-area member, Latvia’s relationship with the former Soviet Union countries that constitute the CIS (Commonwealth of Independent States) continues to profoundly affect the country’s economics and politics. As the NATO-member nation with the highest proportion of ethnically Russian citizens, it is monitoring the current crisis in Ukraine with understandable concern.

Notwithstanding political tensions, there remains an impressive degree of interest in the country from major Russian investors; notably, non-resident savings account for approximately 50% of bank deposits. The interest of strategic investors in local companies is also evident, particularly in the port and logistics sectors. Furthermore, legal firms report an upturn in real estate mandates due to growing interest from investors.

The imminent sale by the government of its 75% stake in Citadele Banka dominates the corporate horizon. In other sectors, the increasing ability of domestic entities to buy out foreign companies has seen local capital become more active. One interesting trend involves local and foreign capital forming joint ventures.

The beginning of 2014 saw significant amendments to the Law on Judicial Power and the Civil Procedure Law come into effect, marking the beginning of a transition to a three-level court system in Latvia.

On the merger front, the main news was the demerger in autumn 2014 of Vilgerts from Magnusson. MAQS Law Firm is now known as Njord Law Firm.

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Legal Developments in Latvia

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Press Releases worldwide

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  • Pepeliaev Group tops the Best Lawyers 2015 ranking

    The authoritative international ranking of law firms Best Lawyers 2015 has hailed Pepeliaev Group as Top Listed in Tax. This means that Pepeliaev is recognised as the top firm in Russian tax law. The award is handed to firms whose lawyers occupy the highest positions in the rankings within a certain region and practice area.
  • PP -“TOP-TIER FIRM” & “ELITE LEADING LAWYER” rankings by The Legal 500 EMEA 2015 guide

    Patrikios Pavlou & Associates LLC achieves FIRST TIER recommendations in Cyprus by The Legal 500 Europe, Middle East and Africa 2015 guide in April 2015.
  • VEGAS LEX on favorable environment for intellectual property development

    Aleksandra Vasyukhnova, Head of Technology and Investment Group at VEGAS LEX, has spoken at the Eighth International Forum on Intellectual Property – 21st Century, one of the leading industry platforms.
  • Austria: Schoenherr advises Cimpress on its acquisition of Austria's Druck.at

    Schoenherr advised Cimpress N.V., a world leader in mass customization, on its acquisition of Druck.at, one of the leading web-to-print businesses in Austria. The transaction, which was announced on 18 March 2015, closed on 17 April 2015 following the successful achievement of various closing conditions including Austrian antitrust clearance. The acquisition supports Cimpress’ strategy of building a software-enabled operational platform that aggregates and optimizes the supply chain and production of mass customized products such as signage, printing, apparel and promotional products. read more...
  • CEE: Schoenherr named Leading Law Firm in South East Europe by Chambers

    Schoenherr has been recognized as " South East Europe Law Firm of the Year " (2015) by the renowned legal publisher Chambers and Partners . Schoenherr lawyers Monica Cojocaru (partner; Bucharest), Miloš Laković (partner, Moravčević, Vojnović & partneri OAD in cooperation with Schoenherr; Belgrade) and Marko Prušnik (partner; Ljubljana) accepted the award on behalf of the firm at the Chambers Europe Awards event held this past Friday evening at Amsterdam’s Hotel Okura. read more...
  • Russian industrialists and VEGAS LEX discuss development of procedural law with Supreme Court

    VEGAS LEX and the Russian Union of Industrialists and Entrepreneurs and chaired by Mikhail Fridman have discussed improvement of judicial procedure in Russia, also in the context of the new unified Civil Procedure Code Concept and the Code of Administrative Court Procedure now in the works. The event convened representatives of the Supreme Court, the Presidential State-Legal Directorate, the State Duma Committee on Civil, Criminal and Commercial Legislation, major industrial companies and legal experts.
  • Patrikios Pavlou & Associates LLC co-sponsored the CFA first seminar of the year, 6th & 9th March 20

    The Cyprus Fiduciary Association organized two (2) full-day seminars on the Role and Liabilities of Directors which were co-sponsored by Patrikios Pavlou & Associates LLC. The seminars took place at Cleopatra Hotel in Nicosia on March, 6 and at St. Raphael Hotel in Limassol on March 9 and were hailed with great success.
  • Baker & Partners Drive Best Practice for Local Trust Firms

    Baker & Partners have issued a Guidance Note covering the retirement, replacement and removal of trustees, with information of great relevance to Jersey’s legal community and the broader legal and financial sectors. 
  • Popov & Partners admitted as a member of Bulgarian Water Association

    At the beginning of April 2015 Popov & Partners was admitted as a corporate member of the Bulgarian Water Association (BWA) . BWA is the largest organization in Bulgaria that combines all WSS operators, trade companies and business consultants with focus on the management of the water resources and the development of the water-supply services in the country. In international aspect BWA has parnership relations with European Water Association and International Water Association and other international water organizations, whose activity reflects directly over the development of the water sector in global aspect.
  • Slovenia: Schoenherr advises Laško shareholders on a majority stake in Slovenian brewer to Heineken

    Schoenherr advised a consortium of owners of Pivovarna Laško, d.d. ("Laško"), Slovenia's leading brewery group, in the sale of their combined holdings of over 51% in Laško to Heineken International B.V., part of the Netherlands-based brewing group. The opening of final offers took place on 13 April 2015, with Heineken offering EUR 25.56 per share in Laško (translating into a total purchase price of approx. EUR 114 million for the 51.11% stake on sale). Following the selection of Heineken as best bidder, the respective share purchase agreement was signed in Ljubljana the same day. read more...