IFLR 1000
The Guide to the World's Leading Financial Law Firms

Through 2010-11 Krogerus has somewhat reinvented its capital markets practice. The transactions are led by partners Päivi Toivari (who has a top reputation in banking), Mikko Mali and Kati Mattila. Head of M&A Mika Ståhlberg also turns his hand to equity transactions.

The firm made a couple of interesting additions to its team. Mårten Knuts joined in 2011 as specialist partner from Waselius & Wist; he is known for equity work, for being the only holder of a PhD on the topic of market manipulation and for his role advising the Icelandic government. The firm also hired senior associate Rami Salonen from White & Case, who already gets solid feedback from the market.

As one peer says: "It started with a private equity and M&A practice and built on this. It is quite a new development, they are very young but it is a good platform of talent to build on."

The firm recently advised Dong Energy as local counsel on a €700 million hybrid bond issue listed on the Luxembourg Stock Exchange and Premia Foods as local Finnish counsel on its IPO on the Nasdaq OMX Tallinn Stock Exchange (Estonia).

Toivari is active on regulatory work, among other things advising Mandatum Life Insurance on derivatives and structured notes issuances. In relation to acquisitions, the firm advised Cramo and HKScan on the securities law aspects of on their respective share issues and acquisition of German-based Theisen Baumaschinen and Danish poultry company Rose Poultry.

Knuts was busy advising Iceland's Special Prosecutor's Office in its investigations relating to alleged market abuse conducted by Kaupthing and Landsbanki in their proprietary trading in the period 2005-08.

Krogerus has completed a shake-up in its banking department. Traditionally known as a national oriented practice (with offices all over Finland), the firm hired the very international banking partner Kimmo Mettälä from legacy LMR in March 2011. Mettälä is one of the foremost banking lawyers in Finland for high-end cross-border work.

The firm also hired Raimo Seppälä, another well-known banking lawyer from LMR who offers international and regional expertise. Meanwhile Päivi Toivari, who has a strong and growing reputation, has been at the forefront of the firm's current reputation. Commentators agree that if it can reconcile the national and cross-border it may well become a leading force.

But there are doubts. "The arrival of Mettälä will strengthen them, but I am not yet sure because [Krogerus] is much more of a national firm with offices around the country and Mettälä has good contacts in London," says a peer, "so maybe it is too early to [tell] if they will successfully integrate the new practitioners and international contacts".

Some peers contend that the firm deserves more recognition simply for the presence of Toivari: "Toivari is a good financing lawyer and the firm is stable, works very much with certain banks and is a much more consistent player in transactions".

On recent lender work, the firm advised Nordea Bank Finland, Svenska Handelsbanken, Pohjola Bank and Sampo Bank on a €100 million refinancing for Nokia Tyres and a syndicate of banks on the refinancing of Wihuri's €140 million credit line. On the other side, the firm assisted Intera Equity Partners for financing of its acquisition of Trafotek and Sveafastigheter on its financing for the acquisition of Pomiratum.

Krogerus is different to its competitors in that it has offices all over Finland, however lately it has also been cultivating a cross-border and international image.

Competitors invariably compliment some of the firm's lawyers as "excellent people" or "terrific individuals". It had a strong year, growing by 17% in turnover with a 45% growth in the private equity and M&A departments. Through 2010-11, it also hired extensively in finance, pinching more junior lawyers from Waselius & Wist, LMR and White & Case.

According to a private equity client: "They are first tier for us. They compare to the first tier M&A lawyers but they are younger so maybe more dynamic. They have Mika Ståhlberg who is my favourite of all the firms and one of the top in the country, and they also have Samuli Palin and Marcus Möller". Another private equity client agrees and rates Ståhlberg as the top M&A lawyer in Finland.

The firm pulled of quite a coup by clinching one of the major deals of the year in the Finnish market when Ståhlberg led a team in advising DNA on its €200 million acquisition of Wellho from Sanoma. The deal was the second largest M&A in Finland in 2010.

The firm acted as lead counsel to Intera Equity Partners on its cross-border buy-out of Sweden-based Polarica and through 2010 advised Verdane Capital VII on a number of acquisitions of minority and majority interests in various industrial and technology companies in Scandinavia. In a fourth notable transaction, the team advised HK Scan alongside Danish firm Plesner on an €80 million cross-border acquisition of Rose Poultry in Denmark.