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Latvia

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Latvia > Law firm and leading lawyer rankings

Editorial

Legal market overview

New tax legislation in Latvia has introduced wide-ranging changes to personal and corporate income tax and VAT. One change in particular – 0% corporate income tax on reinvested profits – is expected to aid capitalisation and attract more foreign investment in an economy where capital markets activity has been relatively muted. Fintech companies are continuing to flourish and will be boosted by the EU's revised Payment Services Directive, and so the traditional banking sector continues to face competition.

The Latvian economy is expected to remain fairly buoyant in the coming year, with construction and infrastructure projects, some assisted by EU funding, playing their part, together with a growing interest in renewable energy projects. The encouraging environment for start-ups adds to the growth outlook.

In the legal market, mergers and lawyer moves have slowed in the past year and firms have been consolidating their Latvian and pan-Baltic offerings. A number of firms such as Ellex and Leadell Fogels, Vitols & Paipa have expanded both geographically and in terms of offering a full service along with firms such as Sorainen and Cobalt. A feature of some of the smaller practices is that many lawyers are adept in more than one practice area, for example combining expertise in banking and corporate matters.

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