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Legal market overview
Latvia’s economy is buoyant and it achieved the fastest growth rate in the EU after emerging from the financial crisis. However, the legal market remains a challenging and inconsistent environment, with M&A and real estate practices in particular being subjected to constant workload fluctuations. The bankruptcy of Latvijas Krajbanka and its parent bank, Bankas Snoras, provided a raft of sale transactions of loan portfolios and other assets, as well as a steady workflow in dispute resolution.
Law firms have recently reported a growing interest from real estate investors outside the EU, mainly from the CIS region, and this trend was boosted by new legislation granting residency permits to private individuals investing at the upper end of the local real estate market.
The Pan-Baltic firms Lawin, Raidla Lejins & Norcous and Sorainen lead the Latvian legal market, with Glimstedt & Partneri and Attorneys at Law Borenius also being prominent in many practice areas. Notable changes in the market include Magnusson’s takeover of Varul’s Latvian office in 2012, and the formation of two new firms – Amber Law and Adversus – by talented lawyers previously practising at leading Latvian firms. Eversheds Bitans is the only international firm in Latvia.