Eversheds Bitans is one of a very small number of international firms that have made a mark in Latvia and this year positive market feedback about the firm sees it promoted to tier two."Eversheds have been more visible over the last two years....
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Eversheds Bitans is one of a very small number of international firms that have made a mark in Latvia and this year positive market feedback about the firm sees it promoted to tier two.
"Eversheds have been more visible over the last two years. They are rising," comments a partner, and another practitioner agrees: "I would say that Eversheds has to go up. It's just that we see them a lot more than others in the market."
"Eversheds has more of a presence and is far more professional," concedes another competitor, showing it is quality as well as visibility that gives them promotion this year.
Being part of an international network has certainly aided the firm, especially in M&A, as it has taken on both local and international clients. In one noteworthy piece of work, the team is acting for Russian Transport Lines on putting together joint ventures and partnerships with regard to a development project for the construction of Ventspils Northern Port. This is still an ongoing concern and with a value of around €498 million this project represents a significant investment in Latvia.
The banking practice was not lagging behind in terms of important deals either this year. One mandate came from the Latvian Ministry of Finance, with a team led by partner Maris Vainovskis developing, in conjunction with PricewaterhouseCoopers, a study into PPP (public-private partnerships) and cohesion fund financing. This was intended to lead to a more efficacious use of any EU funding, and the projects looked into would be worth around €178 million when the research closed in February 2011.
In terms of financing, a good deal was the firm's advising of Titan Invest on the restructuring and securitisation of the finance related to a department store in Riga. The deal was notable for its involvement of UK investors, and will represent a value of €50 million when it completes.
"Eversheds do keep a small office," comments one partner, but they have this year taken on four new associates, so the team in Riga is continually growing.
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