BBA//Fjeldco > Reykjavik, Iceland > Firm Profile


Iceland > Banking, finance and capital markets Tier 1

BBA//Fjeldco covers all areas of banking and finance, with a strong reputation for handling complex financings, including those involving multijurisdictional elements. The group contains a number of lawyers qualified in England and Wales in addition to Iceland, facilitating sophisticated guidance on cross-border matters. Bjarki Diego covers a broad range of M&A, capital markets, and finance deals, and co-leads the department alongside managing partner Halldór Karl Halldórsson, whose areas of expertise include corporate financings and investments, securities issues, competition law, and bankruptcy and restructuring work. Also key are highly experienced founding partner Ásgeir Ragnarsson, who advises prestige international clients on a spectrum of corporate and commercial matters, and Gunnar Thor Thorarinsson, who leads the London office. Stefán Reykjalín, who made partner in early 2023, is also a key name to note.

Practice head(s):

Bjarki Diego; Halldór Karl Halldórsson


‘Strong technical capabilities and experience in working in capital markets, both locally in Iceland and internationally, makes this firm’s capabilities unique.’

‘Bjarki Diego has vast experience in financing transactions, banking, equities and bonds – which is very valuable to the client.’

‘BBA//Fjeldco have a very solid team and vast experience when it comes to banking and finance in particular. They are generally involved in almost all major transactions in Iceland for a good reason: Their signature quick, no frills advice, which is always well grounded and professional.’

‘The partners strive to get to know their clients and their business which results in a more proactive client relationship and tailor made advice which stands the test of time.’

‘Halldór Karl Halldórsson is extremely pleasant to work with, very knowledgeable in the field of finance and true to his word when it comes to deadlines. One of his most valuable fortes in complex deals is his ability to reach out to our counterparties and their counsel in a cooperative and solution-based manner, while still being adversarial and protective of our interests.’

‘Gunnar Thor Thorarinsson has proven to be one of a kind when it comes to cross-border deals involving LMA documentation, with vast knowledge of Icelandic transactional documentation and deal mechanics.’

Key clients

Kvika bank


Arion Bank

Arctic Green Energy

Lykill fjármögnun


Rapyd Europe


DNB Bank


Danske Bank

Strengur Holding

DC Advisory


RPC Group



Barclays Bank

JP Morgan


Japan Bank


Work highlights

  • Advised international biopharmaceuticals company Alvotech, as well as its subsidiaries, with respect to the dual listing on Nasdaq Stock Market LLC and Nasdaq First Growth Market in Iceland, as well as with respect to a private investment in public entity (PIPE), prior to the listing, in particular from Icelandic PIPE investors.
  • Advised on the financing of the acquisition of Ardian, by the telecomms operator, Míla ehf. The advice included negotiating the LMA loan documentation, bond issuance documentation, intercreditor agreement and security documentation.
  • Advised on the financing of Sabre Corporation, a travel technology company based in Southlake, Texas.

Iceland > Commercial, corporate and M&A Tier 1

BBA//Fjeldco‘s ‘fantastic team’ is highly active in cross-border mandates, regularly acting for prominent international and domestic clients on a range of matters involving Iceland. Managing partner Halldór Karl Halldórsson, who has more than 20 years’ experience in the practice area, co-leads the department alongside Einar Baldvin Árnason, whose practice covers commercial law, competition work and corporate restructurings, and Bjarki Diego, who is noted for his experience in M&A, capital markets mandates, and finance transactions. Also key are Ásgeir Ragnarsson, who is dual-qualified in Iceland and New York, and Baldvin Björn Haraldsson, a highly experienced M&A specialist, qualified to practice in Iceland and France.

Practice head(s):

Halldór Karl Halldórsson; Einar Baldvin Árnason; Bjarki Diego


‘Fantastic team involved in most cross-border deals in Iceland. What makes the team really stand out is their strong UK practice and expertise, effectively making them a one-stop shop in large, complex mergers and acquisitions.’

‘Halldór Karl Halldórsson, the managing partner, is a fantastic ally – extremely responsive, engaged and well-prepared.’

‘Highly experienced in corporate law and M&A, has been quite valuable for our company, giving meaningful advice.’

‘The account managers at BBA have been highly resourceful, and act quickly and professionally when it’s needed.’

‘The BBA//Fjeldco team has unparalleled experience in legal advice in Iceland when it comes to M&A, any Capital Markets transactions, cross-boarder deals and really any larger transactions.’

‘I have worked with several of the firm’s employees and they are, low and behold, very professional, knowledgeable and give very straight answers and guidelines. Einar Baldvin Árnason is hands down the number one corporate lawyer in Iceland.’

‘BBA/Fjeldco is an excellent law firm in Iceland. Very commercially oriented and excellent lawyers.’

‘Einar Baldvin Árnason is very hands on, calm and provides good and usable advice.’

Key clients


Arion Banki hf

Arctic Green Energy Group

BNP Paribas Fortis SA/NV

Coca-Cola Europacific Partners

Fasteignastyring ehf.

Glymur Eignastýring hf.

Hagar hf.

Íslandsbanki hf.

Kaldalón ehf.


Kvika Group

Landsbankinn hf.

MasterCard Worldwide

Fly Pay hf.

Opin Kerfi hf.

Rapyd Financial Network ltd


Taconic Capital Advisors


Valitor hf.


JP Morgan


Work highlights

  • Acted as lead Icelandic counsel for the acquirer of Kerecis in Iceland, which included initial advice, due diligence, drafting and providing input on structure and transaction documents and completion.
  • Acted for Vátryggingafélag Íslands hf. (VÍS), one of the largest insurance companies in Iceland, when VÍS acquired Fossar Investment Bank (Fossar).
  • Advised Equinor Ventures when it led a group of new investors in joining CRI’s shareholder group in a $30m investment round.

Iceland > Restructuring and insolvency Tier 1

BBA//Fjeldco is recognised for its strength in complex cross-border insolvencies and restructurings, with a track record in advising leading domestic and international banks and corporate clients. The department covers both contentious and non-contentious matters, and works closely with the firm’s London office. Einar Baldvin Árnason co-leads the department alongside Gunnar Thor Thorarinsson; Árnason specialises in restructuring projects and has experience across the financial, retail, and aviation sectors, while Thorarinsson, who is dual-qualified in Iceland and the UK, is a key contact for international clients with investments in Iceland. Baldvin Björn Haraldsson has strength in restructuring work, particularly in the energy sector.

Practice head(s):

Einar Baldvin Árnason; Gunnar Thor Thorarinsson

Other key lawyers:

Key clients



Eaton Vance Management

KEA Hotels

TBJ Group

Turkish Development Bank

Nox Holding ehf.

Diversis Capital

Kvika bank hf.

ODDEG Retail Limited

The Collectivié de Strasbourg Metropole

Glitnir hf.

Arion Bank hf.

LBI ehf.

Kaupthing ehf.

Work highlights

  • Providing ongoing legal advice to LBI ehf., Old Byr and Klakki ehf. in relation to their wind-down and ultimate dissolution of the companies.
  • Provided legal advice to the Turkish Development Bank in relation to the creation of a Risk Sharing Mechanism for Geothermal Drilling Operations in Turkey.
  • Acting as lead legal adviser to the state authority ODDEG in Djibouti regarding the creation of a legal framework for geothermal exploration and harnessing geothermal reservoirs.

Iceland > Tax Tier 1

BBA//Fjeldco‘s tax group works closely with other departments across the firm to provide a comprehensive service to a diverse range of clients, including domestic banks, energy companies, and private equity houses. The team has a track record in advising on complex international and cross-border mandates, and covers a broad range of areas including M&A transactions, due diligence work, and VAT matters, in addition to tax disputes. Team lead Páll Jóhannesson is a highly experienced tax specialist, and regularly acts for both domestic and international clients. Associate Austri Þorsteinsson is also a name to note within the team.

Practice head(s):

Páll Jóhannesson

Other key lawyers:


‘Very professional, polite and responsive.’

‘Páll Jóhannesson consistently provides great service, with a solution-oriented approach, and a firm knowledge of tax law.’

Key clients

Kvika bank hf.

Íslandsbanki hf.

Arion Bank hf.

Valitor hf. / Rapyd Financial Network (2016) Ltd.

Fossar Investment Bank hf.

Grant Thornton Iceland

Kaupthing ehf.

Stefnir hf.

Marel hf.

Nova hf.

Isafold Capital Partners

Arctic Green Energy

Wellington Partners

Glymur hf.

Iceland > Dispute resolution Tier 2

BBA//Fjeldco is a leading name for complex commercial disputes, with a strong track record in representing clients in both litigation and arbitration proceedings. The group covers disputes in a number of areas, including the insurance, banking and finance, and real estate sectors. Team lead Thórir Júlíusson advises on a range of financial disputes, and is a qualified Supreme Court attorney, while Baldvin Björn Haraldsson is highly experienced in arbitrations, and is admitted to practice in both Iceland and France. Also key is Kári Ólafsson, who specialises in commercial disputes, including those in the real estate and financial sectors.

Practice head(s):

Thórir Júlíusson


‘The team is very good at planning strategies. The team’s strengths and key capabilities are working fast and pinpointing any weakness or pitfalls to be aware of.’

‘Thórir Júlíusson stands out in relation to working out strategies and reasoning with the counterpart.’

‘The quality and capability of BBA//Fjeldco law firm is exceptional. I’ve worked with many partners and associates within the company and all have delivered what was expected, and often more. They are personal and professional, which is a blend that I like.’

‘Excellency and super quick response when needed. Super ambition in relation to documentation and problem-solving.’

Key clients

TM hf

Harpa Concert Hall

Benchmark Genetics hf

Eik fasteignafélag

Reiknistofa fiskmarkaða hf.

Verna hf.


Mannverk ehf.

Måsoval Eiendom AS

Iceland > Employment Tier 2

BBA//Fjeldco advises clients in all fields of employment law and immigration matters, with experience acting for a diverse range of international companies and groups. Team lead Kári Ólafsson‘s practice spans immigration law, pensions issues, employment agreements, and employment due diligence in relation to M&A, acting for a client base ranging from small service companies to listed banks and insurers. Litigator Thórir Júlíusson has acted at all levels of the court system in cases concerning employment law, and is experienced in matters related to the impact of the Covid-19 pandemic.

Practice head(s):

Kári Ólafsson

Other key lawyers:

Thórir Júlíusson; Ásta Margrét Eiríksdóttir


‘Strong technical capabilities, and experience in working in a high-paced and complex international environment makes this team exceptional in the Icelandic market. Their swift turn-around and great attention to detail is a great asset.’

‘We have our contact person who takes care of us very well. Work quickly, and the work that is done is high quality. At the same time, there is a great variety of specialist knowledge within the agency. It’s a big salon but manages to keep a personal service.’

‘It is quite clear that they always have our interests in mind.’

‘Communication, quality of delivered product, and clear communication.’

Key clients


Kea Hotels

Fly Play

Eleven Experience in Iceland





Reiknistofa bankanna (RB)

Tommi’s Burger Joint

Work highlights

  • Advised Eleven Experience and its Icelandic subsidiaries, including drafting new bilingual employment agreements for all 80 employees of subsidiary Green Highlander.
  • Advised Kukl on how to best structure its employment matters, along with drafting templates for all relevant agreements.
  • Provided legal advice to Gangverk regarding general and specific employment matters.

Iceland > Real estate and construction Tier 2

BBA//Fjeldco‘s rapidly growing team handles all aspects of real estate financing and development work, as well as PFI and PPP issues. The group benefits from the support of the firm’s robust corporate and banking teams, positioning the department as a key name for real estate sector transactions. Kári Ólafsson co-leads the team alongside Tómas Magnús Þórhallsson, who made partner in January 2023, and Jóhann Magnús Jóhannsson, who joined the department in May 2023 from an in-house position.

Practice head(s):

Kári Ólafsson; Tómas Magnús Þórhallsson; Jóhann Magnús Jóhannsson

Other key lawyers:

Fridbert Thor Ólafsson; Ásta Margrét Eiríksdóttir

Key clients

Blikastaðaland ehf.

Eik fasteignafélag hf.

Eleven Experience in Iceland

Kaldalón hf.

Hagar hf.

Kadeco ehf.

Harpa Concert and Conference Hall

Arnarland ehf.

Safír byggingar ehf.

Mannverk ehf.

Fasteignafélagið Sæmundur ehf.


Work highlights

  • Acted as the legal adviser to Blikastadaland ehf., and its ultimate parent company, Arion Bank hf., with respect to a partnership agreement with the municipality of Mosfellsbaer on the development of a 90-hectare area of land in the capital area of Iceland.
  • Acted for Safír byggingar ehf. (Safír), a real estate development company and constructor, on all aspects of the ISK5.1bn acquisition of ‘Project Orkureitur’, a new urban neighbourhood in Reykjavík with over 40,000m2, 436 apartments, shops and services
  • Acted as the legal adviser to FPI Group Ltd. and other UK-based investors with respect to the acquisition of land and a land-based fish-farming facility in Iceland.

Iceland > TMT and IP Tier 3

BBA//Fjeldco‘s IP and IT practice is active at the cutting edge of technology, with experience in developing areas such as virtual reality, cloud computing, and fintech. Team lead Haflidi Lárusson, who is dual qualified in Iceland and England and Wales, is a technology sector specialist who regularly covers IP, digital copyright, and data protection matters. Associate Thelma Christel Kristjánsdottir joined the team in August 2023 from Lex Law Offices.

Practice head(s):

Haflidi Lárusson


‘Very professional, polite and responsive.’

Key clients

Carbon Recycling International

Reiknistofa bankanna hf.

Resulting from a merger of two leading corporate law firms in Iceland, BBA//Fjeldco is a first-class, full-spectrum corporate law firm.

BBA//Fjeldco is constantly ranked as a leading law firm in Iceland regarding corporate and commercial law.

Dure to its distinguished reputation and first-rate expertise, the firm has been entrusted by its local and inter­national clients to provide advice and assistance on many of Iceland’s biggest and most complicated financing and M&A deals, as well as the country’s most important PFI and energy projects.

Consistent com­mendation by the firm’s well-respected and highly regarded clients has resulted in a continuous top-tier ranking by all the major ranking firms during the last decade. The firm has over 30 specialised corporate lawyers, with qualifications in Iceland, England, France and New York.

BBA//Fjeldco has offices in Reykjavik and London, together with operations in France

Department Name Email Telephone
Aviation Law & Aircraft Financing Thorir Júlíusson
Banking & Finance Ásgeir Ragnarsson
Capital Markets Bjarki Diego
Competition Law Einar Baldvin Árnason
Corporate & Commercial, M&A Halldór Karl Halldórsson
Corporate & Commercial, M&A Einar Baldvin Árnason
Data Protection Haflidi Kristján Lárusson
Dispute Resolution Thorir Júlíusson
Employment & Labour Law Kári Ólafsson
Energy Law, PFI & PPP Baldvin Björn Haraldsson
Financial Services & Fintech Ásgeir Ragnarsson
IP & Technology Law Haflidi Kristján Lárusson
Restructuring & Insolvency Einar Baldvin Árnason
Restructuring & Insolvency Gunnar Thor Thorarinsson
Real Estate & Construction Kári Ólafsson
Photo Name Position Profile
Einar Baldvin Árnason photo Mr Einar Baldvin Árnason Partner
Einar Brynjarsson photo Mr Einar Brynjarsson Senior Associate
Bjarki Diego photo Mr Bjarki Diego Counsel
Ásta Margrét Eiríksdóttir photo Ms Ásta Margrét Eiríksdóttir Senior Associate
Harpa Erlendsdóttir photo Ms Harpa Erlendsdóttir Associate
Brynjar Freyr Garðarsson photo Mr Brynjar Freyr Garðarsson Associate
Anna Björg Guðjónsdóttir photo Ms Anna Björg Guðjónsdóttir Senior Associate
Halldór Karl Halldórsson photo Mr Halldór Karl Halldórsson Managing Partner
Baldvin Björn Haraldsson photo Mr Baldvin Björn Haraldsson Partner & Chairman of Elements by BBA//Fjeldco
Páll Jóhannesson photo Mr Páll Jóhannesson Partner
Jóhann Magnús Jóhannsson photo Mr Jóhann Magnús Jóhannsson Partner
Sigvaldi Fannar Jónsson photo Mr Sigvaldi Fannar Jónsson Senior Associate
Thórir Júlíusson photo Mr Thórir Júlíusson Partner
Ragnar Snær Kærnested photo Mr Ragnar Snær Kærnested Associate
Karolina María Krawczuk photo Ms Karolina María Krawczuk Associate
Thelma Christel Kristjánsdottir photo Ms Thelma Christel Kristjánsdottir Associate
Hafliði Kristján Lárusson photo Mr Hafliði Kristján Lárusson Partner
Þorbjörg Ásta Leifsdóttir photo Ms Þorbjörg Ásta Leifsdóttir Senior Associate
Antoine Lochet photo Mr Antoine Lochet Counsel & Head of Elements by BBA//Fjeldco
Kári Ólafsson photo Mr Kári Ólafsson Partner
Friðbert Þór Ólafsson photo Mr Friðbert Þór Ólafsson Senior Associate
Ásgeir Ragnarsson photo Mr Ásgeir Ragnarsson Counsel
Stefán Reykjalín photo Mr Stefán Reykjalín Partner
Sara Rut Sigurjónsdóttir photo Ms Sara Rut Sigurjónsdóttir Partner
Stefán Björn Stefánsson photo Mr Stefán Björn Stefánsson Senior Associate
Tómas Magnús Þórhallsson photo Mr Tómas Magnús Þórhallsson Partner
Austri Þorsteinsson photo Mr Austri Þorsteinsson Associate
Gunnar Thor Thorarinsson photo Mr Gunnar Thor Thorarinsson Partner & Head of London Office
Tómas Jökull Thoroddssen photo Mr Tómas Jökull Thoroddssen Associate
Photo Name Position Profile
Claire Broomhead photo Ms Claire Broomhead Partner
Emma Hickman photo Ms Emma Hickman Counsel
Ela Zakaim photo Ms Ela Zakaim Counsel
Partners: : 13
Counsel: : 5
Associates: : 14
Icelandic Bar Association
Law Society of England & Wales
IBA (International Bar Association)
Barreau de Paris (Paris Bar Association)
New York Bar Association
California Lawyers Association

We are committed to fostering equality and providing equal opportunities for all individuals. We firmly reject any form of categorization based on factors such as gender, race, sexuality, social class, age, or any other classification. Our primary objective is to promote workplace equality by assessing individuals based on their unique qualities and skills. We firmly believe that diversity is a source of strength, and we empower individuals to shape their own paths, leading to enhanced outcomes for both our firm and our community.

To realize our commitment to equality, we have implemented an active equality policy that embraces gender equality. We ensure that all members of our firm have open access to supervisors for consultation and reporting of any instances of discrimination or prejudice. Discriminatory, narrow-minded, or unfair behavior is not, and will never be, tolerated in our organization.

Our employment terms are determined by individual qualifications and our firm has been issued an Equal Pay Certificate, as per the Icelandic Act on on Equal Status and Equal Rights Irrespective of Gender no. 150/2020. This certification meets the requirements of ÍST 85 – Equal Wage Management System, also known as The Equal Pay Standard, and ensures that corporations and institutions base all procedures and decisions regarding wage matters on objective considerations and do not involve gender-based discrimination, and underscores our commitment to conducting wage-related procedures and decisions based on objective criteria, free any gender-based discrimination or other unconscious bias.

We have members from diverse backgrounds and nationalities within our exceptional team – including Icelandic, English, and French nationals – as well as various social groups, and everyone is afforded equal opportunities to thrive and reach their full potential.


BBA//Fjeldco is a highly professional corporate law firm based in Reykjavík, Iceland with operations in both the United Kingdom and France. Our team consists of over 30 lawyers, with qualifications in Iceland, England, France and New York, making us the largest law firm in Iceland specializing in the field of corporate law. Due to our size, we have been able to accumulate extensive knowledge and experience in our practicing areas making us the obvious choice when complex and full spectrum corporate legal services are needed.

BBA//Fjeldco is constantly ranked as a leading law firm in Iceland regarding corporate and commercial law. We have advised in vast majority of the largest companies in Iceland on their various corporate and commercial matters. Our corporate activities represent the core of our focus and of our services to the businesses operating in the Icelandic market. Our key focus remains on the international aspects of our clients’ operations.