Banking, finance and capital markets in Estonia


Cobalt‘s sizeable team regularly handles complex financing transactions, capital market projects and financial regulatory matters. The practice is jointly led by Kristel Raidla-Talur, Marina Kotkas and head of compliance Monika Koolmeister. The group is praised for its ability to ‘find suitable know-how on a range of matters’ and is able to utilise its access to the WSG and Lex Mundi networks to handle cross-border matters. A standout recent mandate for the team saw it advising the European Bank for Reconstruction and Development (EBRD). Kaarel Eller and Greete-Kristiine Kuru are key contacts at the associate level.

Practice head(s):

Kristel Raidla-Talur; Marina Kotkas; Monika Koolmeister

Other key lawyers:

Greete-Kristiine Kuru; Kaarel Eller


‘The team is very professional and knowledgeable. Happy to help with every question or problem one might have. They are very responsive and act quickly.’

‘Monika Koolmeister is very easy to talk with and has a strong knowledge of the law. She is very passionate about her work and thinks on her feet.’

‘People seem to be always on the call, as well as relentlessly motivated, detailed and kind.’

Key clients



Hummingbird Ventures

Redalpine Capital


LHV Bank

Luminor Bank

European Investment Bank

KJK Capital



European Investment Fund

Earlybird Digital East Fund

EQT Ventures

Wise (TINV Europe AS)

Work highlights

  • Advised a subsidiary of Mirova Energy Transition 5 on obtaining financing to support the construction and development of three new solar parks in Estonia.
  • Advised the European Bank for Reconstruction and Development (EBRD) on making an equity investment in Sunly.
  • Advised Quickbyte Global on the successful renewal of a licence of a virtual currency service provider in Estonia.


Raino Paron heads the team at Ellex and is highlighted by one client for having ‘a great understanding of the market and deep legal knowledge about complex issues while having a business-oriented mindset’. Gerli Kivisoo, Ermo Kosk and Marko Kairjak are also key practitioners in the department. As a corporate law expert, Kivisoo is a standout contact for M&A-related banking and finance matters, and Helen Ratso is singled out for her ability to assist fund managers with day-to-day matters and in transactions. Key clients for the group include Swedbank as well as public clients such as the Republic of Estonia (through the Ministry of Finance). Toomas Kasesalu is a name to note at the associate level.

Practice head(s):

Raino Paron

Other key lawyers:

Gerli Kivisoo; Ermo Kosk; Marko Kairjak; Toomas Kasesalu


‘Deep and thorough understanding of the market, flexible and friendly communication style with personal touch.’

‘Gerli Kivisoo always creates a friendly and open atmosphere, has a great understanding of the market and deep legal knowledge about complex issues while having a business-oriented mindset. Marko Kairjak is approachable and flexible and able to deliver to tight deadlines.’

‘I am very satisfied with the Ellex office. I have gained a great legal partner. I am especially happy that, as a long-term customer, my business area is known to them. They advise professionally and quickly and always take into account the specifics of my business area. They know the background and history and that makes every new task easier.’

Key clients

AS Inbank

Eesti Energia

Ministry of Finance


Swedbank AS

Danske Bank A/S


AS Bigbank

Luminor Bank AS

Republic of Estonia (through Ministry of Finance)

Jobbatical OÜ

Neoinvesteeringud OÜ

Work highlights

  • Advised the Ministry of Finance on carrying out an issue of 10-year bonds of the Republic of Estonia in the total amount of €1bn.
  • Advised Bigbank on the creation of its subordinated bond programme and on the first issue of a €20m issuance of AT1 subordinated bonds.
  • Advised Eesti Energia on a €600m syndicated loan agreement for the refinancing of its bonds due 2023 listed on the Loan Stock Exchange.

Eversheds Sutherland Ots & Co

Eversheds Sutherland Ots & Costands out for its resourcefulness, out-of-the-box thinking, impeccable project management, and the ability to navigate through ambiguous legal norms’. At the helm are Dmitri Zdobnõh, who ‘stands out for his detail and magnificent legal structures to solve issues’, and Maivi Ots, who is noted by one client as ‘the best negotiator I know‘. Senior associate Artjom Luik has over 10 years of experience in a wide range of banking and finance matters. There is a wealth of debt capital markets expertise in the team, which is leveraged to work on capital raising transactions.

Practice head(s):

Dmitri Zdobnõh; Maivi Ots

Other key lawyers:

Artjom Luik


‘Eversheds Sutherland Ots & Co is a firm that stands out for its resourcefulness, out-of-the-box thinking, impeccable project management, and the ability to navigate through ambiguous legal norms.’

‘Dmitri Zdobnõh stands out for his detail and magnificent legal structures to solve rising issues.’

‘Maivi Ots is the best negotiator I know.’

Key clients

Cleveron Mobility AS (Clevon AS)

UPP Olaines OÜ

TextMagic AS

Ministry of Finance, Ministry of Economic Affairs and Communications and Transportation

Work highlights

  • Assisting the Estonian Government with the process of implementing the new EU Taxonomy legislation and creating a roadmap for sustainable finance in Estonia and Latvia.
  • Acting as the certified advisor of the Nasdaq Baltic First North market for TextMagic since the public listing of its shares in December 2021.
  • Acted as certified advisor of the Nasdaq Baltic First North market for long-term client Clevon.


Sorainen‘s group adopts a multidisciplinary approach, so that clients ‘can get additional input from other members of their firm‘ as the group ‘includes colleagues who are necessary for the specific problem or question’. Kätlin Krisak heads the team, specialising primarily in capital markets, and is singled out for being ‘excellent on points of law’ and getting ‘straight to the heart of the commercial concerns of the matter in a very efficient manner’. The team, which includes Kamilla Alma Vilderson and Hetti Lump, is well known for its work on large-scale transactions for major financial services companies.

Practice head(s):

Kätlin Krisak

Other key lawyers:

Jane Eespõld; Kamilla Alma Vildersona; Hetti Lump


‘Since we’ve worked together, they have shown good knowledge regarding our company and situation. What we like the most is that they can get additional input from other members of their firm. This means we have been able to contact our two main contacts for all legal questions and they include colleagues who are necessary for this specific problem or question.’

‘The Sorainen team are excellent. Their collaboration is both very professional and accurate, as well as being commercial, efficient and organised.

‘Katlin Krisak is excellent on points of law and goes straight to the heart of the commercial concerns of the matter in a very efficient manner.’

‘Jane Eespõld is excellent and great to work with.’

‘Strong team with an in-depth theoretical and practical knowledge of the relevant subject matter, which enables our company to efficiently conduct our business activities, while being fully compliant with the applicable laws and regulations. Dynamic cooperation between different departments of the practice ensures that any associated legal matters falling out of the main scope of the department being contacted, are also solved quickly.’

‘Kätlin Krisak has been one of our long-term contacts in the practice and has been invaluable in assisting us in crucial matters of our company’s business, replying to our urgent enquires in a timely manner and ensuring that the relevant necessary tasks are completed in line with our internally established timetable and considering all our needs.’

Key clients

Deutsche Bank

Goldman Sachs



Head Gear Films

The Better Fund

Societe Generale


Invalda INVL

European Bank for Reconstruction and Development


Work highlights

  • Advised Citibank, Goldman Sachs, Societe Generale, Erste Group and Barclays as the joint lead managers on the €1.5bn government bond issue of the Republic of Estonia.
  • Advising Barclays and Citibank on the preparation of legal documents concerning the first-ever international Euro-Commercial Paper (ECP) programme of the Republic of Estonia.
  • Advised Deutsche Bank on a syndicated loan agreement for a total of €600m to Eesti Energia.

TGS Baltic

Major banks in the region, such as Coop Pank, turn to the finance team at TGS Baltic. In 2022 and 2023, the group was involved in some of the largest transactions in the country, and it is also active in complex regulatory matters. Kirsti Pent, who leads the team, has a great deal of experience in banking law, particularly in mandates related to financial innovation. Kirill Ležeiko was a new arrival in 2024 following the firm’s merger with PwC Legal.

Practice head(s):

Kirsti Pent

Other key lawyers:

Olger Kaelep; Kirill Ležeiko


‘Kirill Lezeiko is very well aware of the trends occurring in financial world, especially when it comes to digital securities. He also has very good analytical skills as well.’

‘The team that advised us was fully competent in the Fintech sector, also finding new innovative solutions and they were easy to work with.’

‘Individuals were specialists in their field and cooperation with them is characterized by the following keywords – openness, involvement, and speed.’

‘Unique because of their wide spectrum of services. There is no topic that they could not handle.’

‘Kirill Ležeiko is always positive and solution-oriented. He cares about his clients and always keeps his promises.’

‘Priit Lätt and Kirill Ležeiko are exceptional, detail-oriented professionals who consistently provide clear and comprehensive solutions, even for the most intricate challenges we encounter. We are confident that within Estonia, few legal experts can match their profound understanding of our business model and its intricacies.’

‘In our opinion, Priit Lätt stands as the foremost authority on the innovative concept of a decentralized autonomous organization.’

‘Kirill Ležeiko possesses the acumen to ask the right questions and a profound understanding of both theoretical and practical aspects of tokenization processes.’

Key clients

SEB Pank

LHV Pank



Tallinna Kaubamaja Group

Eesti Post

ERGO Insurance

TulevaFinora Bank


Coop Pank

Eleving Group

Bondora Group


Truffle Capital



Värska Originaal AS

MTÜ Solid World DAO

Teledisko DAO OÜ

LimeWire GmbH

Ambr Exchange AS

Ettevõtluse ja Innovatsiooni Sihtasutus (EAS)

FINRAX Exchange OÜ N

IPF Digital AS

Crowdcredit Estonia OÜ

Ridango AS

Earthtide Labs OÜ

Work highlights

  • Advised Starship Technologies on obtaining a €50,000,000 loan from European Investment Bank.
  • Advised Crowdestate on obtaining the first crowdfunding license in Estonia.
  • Advised Operail on the application of international sanctions in the sale of rail wagons in excess of €50,000,000 on aggregate.


WALLESS counts leading global banks and law firms among its clients and regularly appears in cross-border transactions. Hannes Vallikivi, ‘a very experienced partner with great knowledge is this field’, leads the team and is well supported by the ‘experienced, extremely creative and solution-oriented’ Andres Siigur. The group has a strong regulatory practice, as well as ‘the capacity to handle any kind of finance and capital market transaction’. Kaisa Saarmann is a name to note for project finance deals. In early 2024, the practice gained the expertise of Merit Lind and her team following the firm’s merger with FORT.

Practice head(s):

Hannes Vallikivi

Other key lawyers:

Andres Siigur; Kaisa Saarmann; Merit Lind; Kuldar-Jaan Torokoff; Andreas Veeret


‘Experienced team with good knowledge. Excellent service and very responsive. They have all the necessary capabilities and capacity to handle any kind of finance and capital market transaction. Their lawyers are creative and good negotiators. They always find solutions allowing the deal to go forward.’

‘Andres Siigur is very experienced, extremely creative and solution oriented. They provide excellent service and are very responsive. He always finds a solution to get the deal going forward. When you combine this with good negotiation skills he helps us to reach the deal that we are aiming for without jeopardising our interests. In my opinion this is the most important thing for us as a client.’

‘Hannes Vallikivi is a very experienced partner with great knowledge is this field.’

Key clients


Avolon Aerospace


East Capital

Firebird Funderbeam


INVL Asset Management



Trigon Asset Management

Work highlights

  • Advised Mandatum Life on the sale of its Estonian, Latvian and Lithuanian life insurance portfolios to listed Lithuanian asset management group Invalda INVL.
  • Advised the City of Tallinn on the conclusion of a loan agreement with the European Investment Bank.
  • Advised Avolon Aerospace Leasing on the leasing of Airbus A320-200 to Nordic Aviation Group.


RASK Attorneys-at-Law‘s banking and finance department is a popular choice among investment companies and credit institutions, which turn to the ‘well-balanced, very professional and readily available’ team for its ‘good knowledge of the law and market’. A key element of the group’s work is advising regulators, and Timo Kullerkupp and Karl Erik Esko, who jointly lead the team, are instrumental in this regard.

Practice head(s):

Timo Kullerkupp; Karl Erik Esko


‘Good knowledge of the law and market. Good to work with, commercial.’

‘Timo was very commercial and efficient.’

‘Well balanced, very professional and readily available team. Very good working efficiency and response times.’

Key clients

Eurora Solutions OÜ

Co-one OÜ

Shroomwell OÜ

Spring Capital Management

Punch Club OÜ

HotelBuddy Technology OÜ

TF Bank AB (Estonian Branch)

SA Tallinna Teaduspark Tehnopol

Tehnopol Ventures OÜ

Membo OÜ

Bilance Technologies OÜ

Muuvin Capital OÜ


Triniti's banking and finance practice draws on the input of ‘very competent, business-oriented and results-oriented‘ lawyers. The team is led by Katri Tomson, who is supported by senior associate Tõnis Loorits, who joined the team in 2022 from WALLESS. Ergo Blumfeldt is a go-to name in the team for transactions, having advised on over a hundred transactions with over €4.6bn in value. The firm also has offices in Latvia and Lithuania, allowing it to handle cross-border deals.

Practice head(s):

Katri Tomson


‘TRINITI’s team is very competent, business-oriented and results-oriented. They don’t tell you what cannot be done, but how things can be done.’

‘They are very responsive. Also, they do not confine their thinking to law, they like to understand our business and help us achieve our goals. We consider them more as part of our organisation than outside legal counsels.’

Key clients

OÜ Utilitas

Baltic Horizon Fund

UG Investments OÜ

AS Tallinna Vesi

Esto Holdings OÜ

SALV Techlologies OÜ

Bankish AS

Transpordi Varahaldus OÜ

Fractory Solutions OÜ

SA Ida-Viru Keskhaigla

FuseBox OÜ

Recruitment Software OÜ

EstateGuru OÜ

Estateguru tagatisagent OÜ

Montonio Finance OÜ

Complium OÜ

LinzoCoin OÜ (and others)

CoinGrove OÜ (and others)

Work highlights

  • Acting as a bond agent and collateral agent in connection with €42m bonds to be listed on the OMX stock exchange.
  • Acting as a security agent for Esto Holdings for its €100,000,000 notes issue programme.
  • Advising a Nasdaq-listed company on a €91m syndicated loan agreement with SEB Bank, Swedbank and OP Bank.

KPMG Law in Estonia

KPMG Law in Estonia, whose team ‘consists of attorneys who have previous hands-on experience in the area‘, is able to leverage its wider network to combine business consultancy, financial, tax and IT law with banking, finance and capital markets advice. Managing partner Karin Oras often leads multidisciplinary teams to advise on large projects. Elsewhere in the team, Katri Remmelgas has a strong knowledge of banking and finance law, and has international experience in anti-money laundering and terrorist financing prevention and investigation.

Practice head(s):

Karin Oras

Other key lawyers:

Katri Remmelgas


‘The team consists of attorneys who have previous hands-on experience in the area. It takes them less time to familiarise them with the case.’

‘Sometimes you need to get answers straight away. In our recent case we received the answers right away as time was of critical importance. Katri Remmelgas stood out in this regard.’

Key clients

Modena Estonia OÜ

Limestone Platform AS

Vesta Terminal Tallinn OÜ

Sims Asset Management OÜ

IIZI Kindlustusmaakler AS

Moncera OÜ

Bondora AS

Work highlights

  • Advised a client on the registration of a small fund manager at the EFSRA, authorisation as a financial institution in the EFIU and setting up a limited partnership fund in Estonia.
  • Advised Moncera OÜ on business model analysis regarding securitisation.


TARK‘s banking team is led by Allar Aru, Tanel Küün and Tanel Tark and utilises its multidisciplinary legal knowledge to help clients with a range of transactional and regulatory issues in the banking and finance sphere. In particular, regulatory advice is a key element of Küün’s practice.

Practice head(s):

Allar Aru; Tanel Küün; Tanel Tark

Key clients

Ramirent Baltic AS

Icosagen AS

Work highlights

  • Advised Estonian biopharmaceutical innovator Icosagen on reaching a €18m financing agreement with the European Investment Bank to further strengthen its drug discovery, development and production services.