The Legal 500

Lithuania

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Editorial

Legal market overview

In January 2015 Lithuania became the 19th member of the euro currency union and the growth rate of the Lithuanian economy is among the fastest in the European Union; the adoption of the euro is expected to assist companies in seeking greater trading opportunities, a welcome boost given the current sanctions against Russia. Russia’s ban on EU-sourced dairy products has caused obvious difficulties for Lithuania’s sizeable agricultural sector.

For law firms, major corporate activity has revolved around the sale of assets in connection with the exits of E.ON Ruhrgas and Gazprom from the Lithuanian energy market. There have also been high-value acquisitions in the financial services sector, mainly as a result of the demise of Ukio Bank and Snoras Bankas.

The legal market is still coming to terms with the sudden merger of Baltic Legal Solutions and Tark Grunte Sutkiene. Seen by many as the natural union of firms with complementary strengths, the new firm – which keeps the name Tark Grunte Sutkiene – becomes one of the largest law firms in the market. Averus opened an office in Vilnius. In May 2015, Lawin's Vilnius office was renamed Valiunas Ellex and became part of the new Ellex network of Baltic law firms; at the same time, Raidla Lejins & Norcous' Vilnius office was renamed COBALT Lithuania and became part of the new COBALT network of Baltic law firms.

 

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