Legal Market Overview
Estonia remains a key jurisdiction for fintech and crypto, with the ICO market proving attractive to foreign investors. Additionally, traditional financing continues to be a strong source of work. The Port of Tallinn IPO made headlines, but capital markets advice is still highly concentrated among the bigger firms.
The transactional markets remain very strong, with 2018 seeing some of the Baltics’ largest ever deals, such as Blackstone’s acquisition of a 60% stake in Luminor. Real estate lawyers have been kept busy by high demand for both residential and commercial properties.
Like all EU jurisdictions, most Estonian IT law teams this year received many data protection mandates. The prominent startup sector has also been a constant source of work for lawyers specialised in IP and IT.
There have been several changes to the legal market this year; with the dissolution of Jesse and Kalaus Attorneys, as well as the acquisition of TEDER Law Firm by Law Firm Deloitte Legal. The most notable of these changes, however, is the merger of Primus’ Estonian operations with Ellex. Meanwhile, the remaining branches of Primus have allied with Derling, and will now be known as Derling Primus in Estonia, and Primus Derling in the rest of the Baltics. Derling’s former Baltic partners Dominas LEVIN and Konbergs Cukste LEVIN have formed the Levin Law Alliance with Glikman Alvin LEVIN.