Legal Market Overview
New legislation has been introduced after a series of money-laundering scandals were uncovered in ABLV Bank, Latvia’s third largest bank, which has since undergone forced liquidation. This was followed by a strengthening of laws and banks adopting stronger internal security processes to prevent further financial crime.
Across the banking landscape, the merger between Nordea and DNB has been the defining moment, causing a shake-up; however, traditional banking and lending services remain the same. Fintech companies continue to flourish and data protection services are in especially high demand, with several firms such as Deloitte Legal in Latvia offering this as a new practice to clients within their IP groups.
In the legal market, Primus, Attorneys at Law has merged with Estonia’s Dominas Derling to form the new pan-Baltic alliance Primus Derling, declaring this new partnership effective in September 2018. The 80-lawyer strong team, which spans four offices in all three Baltic countries, hopes to further its international reach. Leading firms Ellex, Cobalt and Sorainen continue to win the lion’s share of the country’s major transactions.