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With a crippling three years behind it, Latvia is showing signs of recovery. The headline transaction of 2011 was the state’s €500m Eurobond issue, marking the country’s first dealings on the international capital markets since March 2008, and there is growing interest from Russian investors in the nation’s beleaguered real estate sector. However, insolvency, debt restructuring and disputes remained the mainstay of instructions for lawyers in 2011; airBaltic became the latest major source of such work for law firms, following on from the unprecedented bailout of Parex bank.

The country’s largest firms have formed single-brand alliances with practices in Estonia, Lithuania and beyond, and are reaping the rewards of that strategy. Attorneys at Law Borenius has done particularly well with a winning formula of leading individuals and strong links to Finland’s top-five firm of the same name. Similarly, Tark Grunte Sutkiene is rejuvenated since last year’s pan-Baltic merger, and relatively young firm Varul continues to make an impact, having opened in Belarus in 2011, a jurisdiction where many firms have failed to expand in the prevailing political climate.

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