The Legal 500

With a concentration of former in-house banking lawyers, Glimstedt & Partneri is well versed in senior finance transactions. It was the firm of choice for the bail-out of Parex Bank, acting for the Finance and Capital Markets Commission in the ongoing project led by Eriks Blumbergs. Other clients of the ‘dedicated’ and ‘highly professional’ team include Swedbank, Nordea and DnBNord Bank, typically for complex loan restructuring.

LAWIN handles sophisticated mandates for an exemplary client list. BNP Paribas, Allied Irish Bank, HSBC and Swedbank all instruct the firm, while recent projects include advice to the ERBD on the second phase of restructuring Parex Bank, and advising the EIF on implementation of the JEREMIE funds into Latvia. The ‘precise and accurate’ Egons Pikelis, and senior associate Agnese Garda, who has ‘a deep understanding of the issues at stake’, are singled out for praise.

Clients of Raidla Lejins & Norcous rate the practice as ‘among the best’ and appreciate the ‘deep due diligence in complicated cases’. Girts Lejins is a leading figure in this field and, together with practice head Andrejs Lielkalns, is rated as a ‘true professional’. The firm acts for the majority of dominant banks in the region, including Swedbank, DnB Nordbanka, and Nordea, and advised a syndicate of local and international banks on the restructuring of an €83m construction and investment loan facility to SIA Diksna.

Sorainen played a key role in the rescue of Parex Bank and its subsequent restructuring, acting for the new majority shareholder, the Latvian Privatisation Agency. Other headline instructions include advice to the EBRD on a €150m unsecured loan to electricity supplier Latvenergo, co-financed by the EIB. Practice head Rudolfs Engelis, Girts Ruda and the team are ‘outstanding transactional lawyers’ who ‘meet tough deadlines without compromising the quality of their work’.

The only major international law network present in Latvia, Eversheds Bitans Law Office, has ‘sound business acumen and industry knowledge’. Several top-end projects include ongoing advice to Parex Bank following its rescue, including advice on financial restructuring and other key liabilities. Volvo Financial Services International is a client of the team led by experienced finance lawyer Maris Vainovskis.

Attorneys at Law Borenius is playing a key role in drafting new insolvency legislation for Latvia, a project led by Gatis Flinters. It provides ‘one of the highest service levels among Latvian legal firms’, say clients, and acts for a number of leading Nordic banks and other prolific financial players. The high-profile Lauris Liepa is advising BaltCap as fund manager of one of two risk capital pilot projects initiated by the EIF’s JEREMIE scheme.

The ten-office CEE network of bnt Klauberg Krauklis Attorneys-at-law attracts both international clients and leading foreign law firms requiring local expertise. The German background and finance ability of Theis Klauberg draws instructions from Commerzbank and Deutsche Factoring Bank, as well as finance houses from across Europe. His ‘commitment to his clients is evident’.

Four-partner Blueger & Plaude is well known for its real estate work but compliments this with notable expertise in banking and finance. Clients include the EBRD, while name partner Valentin Blueger is the lead banking lawyer at the firm.

Gencs Valters Law Firm is best known for its tax practice, but also has valuable finance capability. Clients include pension fund Hipo Fondi, part of a domestic state-owned bank, advising it on various finance issues, and Swedish state-owned risk capital company, Swedfund International. Associate Anita Sondore leads the practice.

Part of the Baltic Legal Solutions network of Baltic firms, Kronbergs & Cukste is well placed to advise international banks, such as Danske Bank, with cross-border projects in the region. Demonstrating its expertise in bank restructuring, it won a competitive tender to represent Parex Bank on the state aid aspects of its bail out. Valters Kronbergs leads the growing practice.

Two years on from its launch, LetLaw, an offshoot of young partners from the former Loze, Grunte & Cers, has found its feet and is attracting a steady stream of quality instructions. They include acting for Unicredit Bank group in establishing a SPV for the acquisition of assets from distressed loans in the Baltics. Managing partner Kristine Gaigule and Sintija Radionova have ‘business savvy’ and ‘look for solutions’.

Armands Skudra is an experienced finance lawyer at Skudra & Udris Law Offices, with a track record of heavyweight matters to his name during a more buoyant market. Banking and finance remains a core area of practice at the firm, while clients include international banks and financial institutions, such as JPMorgan, GE Capital and the World Bank.

Tark Grunte Sutkiene has gained new momentum following its pan-Baltic merger, offering its existing and new client base cross-border capability. In the banking and finance sector, the firm advises a number of significant foreign players, such as Danske Capital, Fortis Bank and Swedbank, advising the latter on the restructuring of distressed assets. Senior associate Andra Rubene is ‘very dedicated’.

Gints Vilgerts is building a quality practice at VARUL, acting for foreign banks such as Swedbank, which it is advising on two large insolvency matters in the courts with a combined value in excess of €45m. The firm is advising a host of creditors, including international companies, on bad debt issues.