Hall Of Fame

Next Generation Partners

Firms To Watch: Banking, finance and capital markets

With the recent arrival of Maris Liguts, who formerly spent more than five years at ZAB Deloitte Legal, FORT continues to grow its presence in the fintech, banking and finance spaces, assisting clients with transactions and restructurings, as well as complex AML and regulatory issues.

Banking, finance and capital markets in Latvia


Cobalt‘s experienced banking, finance and AML practice assists leading private equity funds and major banks with substantial M&A transactions and capital markets financings, in addition to advising on the issuance of green bonds and Eurobonds, and handling relevant regulatory work. Edgars Lodzins heads up the team, bringing extensive experience in M&A and capital markets transactions for a range of local and international financial institutions to his role. Senior counsel Andrejs Lielkalns stands out for his expertise on cross-border transactions and EU regulatory matters. Public and constitutional law expert Edgars Pastars regularly handles AML and sanctions work.

Practice head(s):

Edgars Lodzins

Other key lawyers:

Andrejs Lielkalns; Edgars Pastars; Sandija Novicka


‘Edgars Lodzins: hands-on approach, pragmatic advice, easily reachable.’

‘The team keeps its knowledge up to date. The team actively provides alternative solutions to a problem. Team members are great personalities who can handle stressful situations.’

‘Edgars Lodzins is a partner who engages in simple and complex tasks.’

Key clients

American Express group

Banco Santander S.A.

Credit Agricole

Eiffel Investment Group SAS

European Investment Bank


ING Belgium NV/SA

IPF Digital

Luminor Bank

MUFG Bank (Europe) N.V.

SEB Bank

Work highlights

  • Advised Citi, Deutsche Bank, Erste Group and Nomura – as joint lead managers – on an issue of €850m Eurobonds by the Republic of Latvia.
  • Advised on the issuance of €50m green bonds by Latvenergo AS, the Latvian national energy company.
  • Advised Storent Holdings, a major construction equipment rental company, on the issuance and listing of bonds on the Baltic Bond List of NASDAQ Riga, which attracted €10.5m during the bond public offering.


Ellex‘s banking and finance team regularly advises regional and international financial institutions, and other lenders, on high-value transactions and project financings. In addition, the team also has specialisms in alternative financing fund establishment and structuring, as well as on a range of regulatory and capital markets matters. The team is led by Marta Cera, who focuses on regulatory issues, secured lending and AML. Senior associate Roberts Rimsa often oversees work involving financial collateral and debt recovery, while Beata Plociņa is noted for her expertise in the aviation sector. Anna Misneva is also noted.

Practice head(s):

Marta Cera

Other key lawyers:

Roberts Rimsa; Beata Plociņa; Anna Misneva


‘Very professional and experienced team.’

‘Marta Cera and Anna Misneva – both are very intelligent, smart and polite. Dig deep into the problem of clients.’

Key clients


SG Capital Partners


Deutsche Bank

Providence Capital

European Bank for Reconstruction and Development

Goldman Sachs


International Capital Markets Association

International Finance Corporation

Bank of America

Generali Europe

Warwick Capital

Danske Bank

Clearstream Banking S.A.

Livonia Partners

BNP Paribas

Raiffeisen Bank International

Work highlights

  • Advising Natixis, acting as a lender and security trustee, on a financing transaction for KGAL Investment Management GmbH & Co.
  • Advising Beverage Group Alimentation Couche-Tard on a $3.5bn refinancing transaction.
  • Advised Livonia Partners on the structuring, establishment and closing of a new second generation fund.


Sorainen‘s banking and insurance practice group has experience handling complex transactions and PPP projects, often undertaking major cross-border mandates. The team often advises on large M&A deals and portfolio transfers, with further expertise covering regulatory issues and disputes. Recently, the firm has seen large transactions in aviation finance, with a further pipeline of work coming from the fintech, insurance and real estate sectors. Rūdolfs Eņģelis is well respected for his transactional work, and also has experience advising on restructuring and compliance matters. At the associate level, Inese Heinacka, Agneta Rumpa and Mārtiņš Rudzītis are recommended. Ramona Miglane was a new arrival in May 2024.

Practice head(s):

Rūdolfs Eņģelis; Ramona Miglāne

Other key lawyers:

Inese Heinacka; Agneta Rumpa; Mārtiņš Rudzītis


‘I rate the cooperation as professional; I was completely satisfied.’

‘The team is very professional and competent. The desired result was achieved according to our needs.’

‘We worked with Rūdolfs Eņģelis and his team. Cooperation with this team was excellent, all meetings were well planned and organised and with feedback. The team always listened to our wishes and implemented them within the framework of the project.’

‘Sorainen are a very good law firm. I only worked with them on one, but quite a complicated, matter. They provided good advice on Latvian law matters as well as on some specifics of the local market. They maintain well-structured and client-focused communication and are ready to think outside the box.’

‘The Sorainen team is highly responsive and very well-connected in Latvia.’

‘Both Rūdolfs Eņģelis and Inese Heinacka were knowledgeable and very constructive in their approach to collaboration. We established mutual trust and efficient ways of collaboration very quickly.’

‘The team comprises industry professionals with extensive and recognised experience, led by strong leaders who fearlessly embrace new challenges, even within tight schedules, and eagerly expand their knowledge into new fields. It’s worth highlighting that their cooperation extends beyond professionalism to encompass responsibility and a pleasant cooperation relationship.

‘Rūdolfs Eņģelis deserves special recognition as an exceptional leader who seamlessly blends legal expertise with outstanding management skills, setting a new industry benchmark.’

Key clients

KGAL Investment Management GmbH & Co. KG

Nordic Investment bank and Citadele banka

Conexus Baltic Grid

Amber Assets

Riga Energy Efficiency Fund (REEF)

Labylon Network Limited

Work highlights

  • Advising Nordic Investment bank and Citadele banka on providing financing to AS PN Project, a company managed by Lords LB Asset Management, for the construction of an office complex.
  • Advised Conexus Baltic Grid, a unified natural gas transmission and storage operator in Latvia, on a €80m bond programme.
  • Advised KGAL on a leaseback transaction in relation to three new Airbus A220-300 aircraft with Air Baltic Corporation AS.

Eversheds Sutherland Bitans

Eversheds Sutherland Bitāns specialises in IPOs, derivatives and capital market matters, with expertise also covering financings, acquisitions and other transactions. Disputes represent another key area of the practice’s strength. The team is led by Māris Vainovskis, who advises a range of financial institutions, as well as governmental and regulatory groups. Sabīne Vilka is noted for her assistance on IPOs, and finance and merger structuring, while Justīne Ignatavičute is recommended for her transactional, licensing, and bond work.

Practice head(s):

Māris Vainovskis

Other key lawyers:

Sabīne Vilka; Justīne Ignatavičute; Kārlis Jēkabs Īvāns


‘Responsible and responsive, experienced.’

‘Justīne Ignatavičute – experienced professional, ready to help.’

Key clients

IPAS “Indexo”

International Swaps and Derivatives Association

KPMG Baltics AS on behalf of the European Bank for Reconstruction and Development (EBRD)

AS “SEB banka”

AS “Rietumu Banka”

SIA “Ouroboros”

AS “DelfinGroup”

AS “Hestio” (former A-birojs, AS)

AS “Eco Baltia”

AS “Clean R Grupa”

United Partners UPP Olaine OU

Work highlights

  • Advised IPAS Indexo, a major investment management company in Latvia, on its initial public offering and listing of its shares on the regulated market of NASDAQ Riga Stock Exchange.
  • Instructed by the International Swaps and Derivatives Association to prepare a netting opinion for Latvia.
  • Advising the European Bank for Reconstruction and Development on a project relating to the implementation of the EU taxonomy and development of a sustainable finance roadmap in Estonia and Latvia.

TGS Baltic

TGS Baltic advises on a wide range of banking and finance matters, ranging from loan transactions and regulatory work through to cross-border financings and crowdfunding. The team also has experience in the capital markets arena, and recently advised Eco Baltia on an initial bond issue totalling €8m. Insurance services, covering intermediation, structuring, and licensing, are also areas of expertise. With over 20 years’ experience, Inese Hazenfusa leads the team. Mārtiņš Galzons is noted for both his transactional and capital markets work. Associate Artis Kļaviņš brings expertise covering white-collar crime and corporate compliance to the team.

Practice head(s):

Inese Hazenfusa

Other key lawyers:

Mārtiņš Galzons; Artis Kļaviņš; Ilga Vaļko


‘Outstanding understanding of the assignment. Speed and dedication are on a very decent level, too. Flexibility and readiness to compromise on billing.’

‘For specific hands-on financial market advice one should reach Inese Hazenfusa and Mārtiņš Galzons straight away. Such speed and accuracy of their work is exceptional!’

Key clients

Signet Bank

European Investment Bank

J.S. Hamilton

Mundus Bridge Finance

Marijas 2, Novira Capital and Evernord joint venture

Bondora Group




MaxBanka (ExpoBank)

Glerup Agro SIA

Jyske Bank

Work highlights

  • Advised Marijas 2, a joint venture between Evernord and Novira Capital, on its public offer of bonds for real estate development.
  • Advised European Investment Bank on financing a multi-annual investment program relating to water and sanitation in the City of Riga.
  • Advised Signet Bank on the launch of €9.46m asset-backed securities in co-operation with car leasing company Primero.

drill. Law Firm

Praised for its ‘remarkable expertise’, drill. Law Firm‘s team stands out for its strengths in the areas of fintech, online investment platforms, and regulatory compliance. The department is especially well suited to assisting non-banking credit institutions, private equity investors, and venture capitalists across a range of banking and finance transactions and acquisitions. Senior associate Laura Erkske is also an integral team member. Since publication, Ramona Miglāne left the firm.

Other key lawyers:

Laura Erkske


‘We chose to collaborate with the firm’s banking and finance practice due to its remarkable expertise and reputation in the field. The team’s in-depth knowledge of local and international financing, gained from their experience in leading Latvian banks and contribution to financial legislation, aligned perfectly with our needs. Furthermore, the firm’s commitment to active partner and senior lawyer involvement, combined with their proven ability to deliver within budget constraints, solidified our decision.’

‘Professionals in the fintech industry with multiple years of experience and case studies.’

‘We worked with several practitioners and they were all great.’

Key clients


IPAS Indexo

ZGI Capital


Mintos Marketplace


Merito Management


Innovestor Technology Fund

Change Ventures Fund III


Esto LV

SIA OAK Investments

Work highlights

  • Advised INDEXO alternative investment funds manager on the licensing process by the Financial and Capital Market Commission and on the management of funds of just under €15m.
  • Advised ZGI-4, a growth venture capital fund managed by ZGICapital, as lead investor, on its investment in the BRC group of companies for the purpose of acquiring Intrac holding.
  • Advising Nectaro, an investment firm licensed by Latvijas Banka, on the launch of its online investment platform.

Kronbergs Cukste Levin

Kronbergs Cukste Levin is instructed by a mixture of local and international banks, private equity firms, and non-bank lending clients throughout the banking and finance space. Recent highlights include the firm’s role as liquidator the ABLV bank proceedings, as well as a steady stream of M&A transactions, corporate governance, and regulatory cases. Praised by one client for her ‘excellent and unrivalled experience’, Vineta Čukste–Jurjeva leads the department. Kristine Sakarne is noted for her experience assisting with financing transactions, private bond issues, and fintech matters.

Practice head(s):

Vineta Čukste-Jurjeva

Other key lawyers:

Kristine Sakarne; Valters Kronbergs


‘All levels (from management to junior) of practitioners do understand client needs. I am getting responses in a timely manner, and they are always keeping to deadlines.’

‘We have used the firm for various projects and every time the assigned specialist was expert in the given area.’

‘Strong understanding of the banking and professional services sectors, as well as professional negligence in those sectors. The only large, well reputed, law firm in Riga we could identify with true experience in negligence claims related to the financial services sector. Their experience in this field combined with their understanding of the Latvian banking sector as well as their experience of the Latvian courts has been invaluable. ’

Key clients



Luminor Bank

Express Credit

Sun Finance

Societe Generale

Wirecard Bank (Germany)

Estate Guru

German Bankers Association (via Luther Rechtsanwaltsgesellschaft mbH)

AIG (American Insurance Group)

Latvian Alternative Finance Association

Extra Credit

Ministry of Economy

Deposit Solutions

Work highlights

  • Serving as a liquidator of ABLV bank.
  • Serving as securities agent for the bond issuance of Sun Finance.
  • Advising the German Bankers’ Association on the safe custody of securities which are held on a trust-custody basis by sub-custodians.


VILGERTS advises on a range of financings, refinancings, and acquisitions, alongside secured and unsecured bond issuances, for which the firm often acts as the collateral agent. The team has also recently seen cases relating to financial fraud and loan fulfillment. Core sectors of expertise include real estate and insurance. Gints Vilgerts spearheads the team with considerable M&A, real estate and corporate experience. Jānis Kubilis supports on the disputes side, while Madara Zeltiņa often assists on insurance matters. Charles Clarke and Elīza Grīnvalde are also noteworthy.

Practice head(s):

Gints Vilgerts

Other key lawyers:

Jānis Kubilis; Madara Zeltiņa; Charles Clarke; Elīza Grīnvalde

Key clients

East Capital Real Estate


BPM Capital

Citadele Leasing



Summus Capital

DelfinGroup AS

Banga Ltd. SIA

Marijas 2 SIA

Longo Group AS

Given Jewellery AS

Signet bank AS


Air Baltic Corporation AS

If P&C Insurance AS

Work highlights

  • Advised BPM Capital OÜ on its mezzanine loan financing to Digital Mind AS for the buy-out of Alna.
  • Advised pan-Baltic used car retailer Longo Group AS on the issuance of €5m secured bonds in cooperation with Signet Bank AS.
  • Acting as the collateral agent in a new commercial real estate development project following a €45m bond issue by the developer.


WALLESS‘kind, qualified and responsive’ practice is regularly involved in acquisition financings, refinancings and regulatory matters for a range of foreign and domestic investors, spanning banks, consumer lending groups, and corporates. The team has experience covering a large spread of sectors including energy, real estate and fintech. Sintija Radionova acts as co-head alongside corporate expert Zane Eglīte-Fogele. In recent years, the team has seen considerable growth with the notable additions of Aivars Lošmanis from VILGERTS in December 2022, and Valters Diure from Ellex in October 2023.

Practice head(s):

Sintija Radionova; Zane Eglīte-Fogele

Other key lawyers:

Aivars Lošmanis; Valters Diure; Konstantīns Teļakovs


‘Very kind, qualified and responsive. Always can rely on professional and prompt assistance in the banking and finance field. They have big experience in representing and solving complicated banking cases.’

‘Sintija Radionova has an individual approach to us as a client, and always tries to find solutions for our problems, by attracting other team members on short notice.’

Key clients

Šiaulių Bankas

Luminor Bank AS Latvijas filiāle

4finance, AS

PayRay, UAB


BNP Paribas Emissions- und Handelsgesellschaft mbH


Creators of the Outside World (CROWD)

Lumi Capital group companies

Work highlights

  • Advised Šiaulių Bankas on regulatory matters relating to the merger of the bank’s retail business.
  • Advised Lumi Capital group companies on acquisition financing for the purchase of two supermarkets in Riga.
  • Representing Luminor Bank in litigations on a regular basis.


BDO Law assists clients with risk assessments and due diligence matters, notably those relating to AML and EU sanctions compliance. Vita Liberte and Janis Zelmenis  jointly head up the practice; the former specialises in tax and corporate matters, while the latter focuses on high-net-worth individuals, as well as AML legislation.

Practice head(s):

Vita Liberte; Janis Zelmenis

Other key lawyers:

Janis Ciguzis


The finance group at LEADELL Vītols is particularly well versed in advising on cross-border insolvency and default recovery cases. Key clients include the likes of BTA Baltic Insurance Company and Swedbank Leasing. The practice is headed up by Kārlis Vītols who, in addition to debt recovery, has considerable experience advising on restructuring matters. Ilze Jankeviča is also active, often assisting with disputes. Jānis Meija rounds out the roster of recommended names.

Practice head(s):

Kārlis Vītols

Other key lawyers:

Ilze Jankeviča; Jānis Meija

Key clients

BTA Baltic Insurance Company

Mitek Industries AB filiāle “Mitek Baltic”

NAFA Europe B.V.

Swedbank Leasing

Work highlights

  • Represented NAFA Europe B.V. in two insolvency proceedings regarding loan recovery with a total worth over €7m.
  • Representing BTA Baltic Insurance Company in a recourse claim against the heir of a driver.
  • Representing Swedbank Leasing in debt recovery proceedings worth over €2m.

Spridzans, Snipe & Hramcenko

Spridzans, Snipe & Hramcenko is noted for providing advice to start-ups on the process of attracting investments, regulatory compliance, and debt recovery and liquidation-related issues. The practice also advises on a range of other banking and finance, and capital markets matters, ranging from transactions, to IPOs and bond issues. The team is led by a trio comprising Ansis Spridzans, Svetlana Hramcenko and Arta Snipe.

Practice head(s):

Ansis Spridzans; Svetlana Hramcenko; Arta Snipe


‘Ansis Spridzans and Arta Snipe are high-class experts in their field.’

Key clients

bonusukarte.lv SIA

Blue Shock Race SIA

ASP Asset Management AIFP

Citadele banka AS

Vivat Verwaltungs GmbH

Spirit Capital Investments SIA

Nectaro SIA

Easy Debt Service SIA

Nordstreet UAB

SME Finance UAB

Work highlights

  • Advised CBL Asset Management, a subsidiary of Citadele banka, on the sale of its Ukrainian daughter company Mizush Asset Management.
  • Advised Bonusukarte.lv on the acquisition of a payment institution licence.
  • Advised alternative investment fund management company ASP Asset Management on the setting-up of several investment funds, including assisting with investor onboarding and investment transactions.