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Overview
The Lithuanian legal market felt the squeeze of the economic downswing in 2008, particularly in areas such as M&A, real estate and private equity investment. The summer months saw a drop in property transactions of 40-60%, previously the mainstay of the market.
While law firms are nervous about the immediate future, there are pockets of optimism. Energy has been a major growth area, as have dispute resolution and employment law. Business links are developing with Belarus, which is keen to open up to western investment and sees Lithuania as the perfect envoy: Vilnius is just two hours drive from Minsk, with the two countries sharing a common history and cultural synergy. Sorainen was the first of the leading Lithuanian firms to open a Belarus office, doing so in 2008.
The headline deal of 2008 was the €2.3bn merger, colossal by local standards, of energy company AB Lietuvos Energija with electricity companies VST and RST to form LEO LT, a vehicle for the construction of a new power plant and electricity grid that will connect Lithuania to Sweden and Poland. Almost all leading firms played a role in this landmark transaction, the largest merger in the Baltics to date.
Lideika, Petrauskas, Valiunas ir Partneriai LAWIN has long led the field in terms of resources, quality of clients and international experience, but its dominance is beginning to recede. Clients now report a more competitive market and this is reflected in our rankings. Nearest rivals, particularly Law Firm Bernotas & Dominas Glimstedt, have joined them in some of our top tiers. Other leading firms in the market are: Raidla Lejins & Norcous; Sorainen; Sutkiene, Pilkauskas & Partners; and Jurevicius, Bartkus & Partners.
At the tail end of 2007, Smaliukas Juodka Beniusis & Partners was formed from a union of smaller practices and experienced partners from larger firms, including managing partner Robert Juodka, former head of real estate at Sutkiene, Pilkauskas & Partners. Medium-sized firm Sarka, Sabaliauskas, Jankauskas merged with IP and real estate specialists Relaw; and the former Norcous & Partners rebranded as Raidla Lejins & Norcous in 2008 to align itself with its allied firms in Estonia and Latvia of the same name.