The Legal 500

Attorneys at Law Borenius fields ‘one of the strongest teams in Latvia’, with the well-known Lauris Liepa and colleagues in demand for restructuring and refinancing for prominent clients. The group acted alongside the UK’s Clifford Chance to advise Citigroup Global Markets and Credit Suisse Securities on the state’s $500m Eurobond issue. The firm also advised American Express on transferring its credit card portfolio from Parex bank to newly formed Bank Citadele.

Finance is Glimstedt & Partneri’s key practice, and the firm is a regular in headline restructurings and a favourite among top banks such as Swedbank, Nordea and DNB (formerly DnB Nord Bank). Clients also include the State Treasury, which Inita Jurka advised on ISDA agreements with major banks and Latvia’s first post-recession government bond issue. Roberts Rimsa has the ‘ability to participate in complicated loan restructuring projects’.

Lawin’s team is ‘very professional and on standby at all times’. It impresses with a mix of premium clients and complex transactions, such as acting for DNB on its acquisition of a 100% indirect qualifying holding in a Latvian subsidiary and subsequent internal restructuring. The European Bank for Reconstruction and Development (ERBD) and European Investment Fund (EIF) are also clients. Ergons Pikelis heads the practice.

Raidla Lejins & Norcous’ ‘friendly team’ is marked by its creativity and level of partner involvement. The firm advised Russia’s Otkritie Financial Corporation on its acquisition of GE Money Banka, the Latvian subsidiary of GE Capital, including the asset management and pension fund subsidiaries. Riga City Council Department of Finance and numerous international banks are clients. ‘First-class lawyer’ Andrejs Lielkalns ‘invaluably helps a transaction go smoothly’.

Sorainen’s ‘capabilities are excellent’, and Rudolfs Engelis in particular is a leading figure in the banking sector. He led the team’s advice to credit insurance provider Euler Hermes Kreditversicherungs on the sale of its subrogation claims portfolio following its withdrawal from the Baltic markets. Notably, the firm also represented the Latvian parliament and cabinet in the Constitutional Court in a challenge to Latvia’s new banking laws and restructuring of the banking sector; this case was handled by litigator Agris Repšs, who is ‘a top man in his jurisdiction’.

Eversheds Bitans is ‘a real competitor to other law firms’, and is noteworthy as being the only practice in the market with extensive international reach beyond the Baltics and neighbouring jurisdictions. Maris Vainovskis and managing partner Agris Bitans advised the Latvian Privatisation Agency in challenging the banking sector’s reconstruction process, in particular that of Parex bank.

Kronbergs & Cukste fields ‘a good team’ that has ‘good knowledge in the banking sector’, and provides ‘careful, high-speed work’. Imants Jansons is leading advice to SEB Enskilda on the €500m restructuring of state-owned Mortgage and Land Bank. The firm provides insolvency advice to Nordea Bank.

Tark Grunte Sutkiene provides concise and ‘prompt, clear and practical advice’, and Inese Hazenfusa is ‘a genuine business lawyer’ who ‘helps with the most complicated problems with amazing ease’. The firm is advising the EIB on Project Jessica (an EU funding programme) as well as Swedbank on high-value debt restructurings.

Varul is in demand for insolvency and debt restructuring for major clients, typically on the borrower side, although Swedbank and Visa International (UK) are also clients. The firm is ‘sharper’ than some competitors, say clients. Practice head Gints Vilgerts has ‘excellent negotiation skills’ and a business-oriented approach.

bnt Klauberg Krauklis Attorneys-at-law has considerable international reach with ten offices throughout the CEE and it is the market leader for German-language clients. It regularly advises Commerzbank, including on finance security work for a major loan transaction. Managing partner and practice head Theis Klauberg is ‘an excellent co-ordinator of complex matters’.

Fogels, Vitols & Paipa’s ‘client-friendly’ group is handling a large amount of loan restructuring projects for DNB, as well as insolvency matters for Swedbank. Name partners Nils Fogels, Karlis Vitols and Maris Paipa are all active in this area.

Gencs Valters Law Firm punches above its weight with some major clients including UniCredit Bank, which it has been advising on restructuring projects; and the Ministry of Environment, which Valters Gencs advised on the €57m sale of CO quotas to other countries including Japan.

LetLaw’s team exudes ‘a very professional attitude based on high-quality standards’, and advises banks such as DNB, Turkey’s Tekstil Bankas and key client UniCredit Bank. It advised the latter on the €30m acquisition of assets linked to distressed loans. Sintija Radionova leads much of the finance work at the firm and is ‘very experienced in this industry’.

Skudra & Udris Law Offices has a longstanding reputation in the banking sector, and it has acted for clients such as Central Bank of Latvia and several international investment banks. Armands Skudra leads the finance practice.