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

	Raidla Lejins & Norcous Tark Grunte Sutkiene
	Borenius Lawin Sorainen
	Eversheds Ots & Co Glikman & Partnerid Law Firm VARUL Red Legal Tamme Otsmann Ruus Vabamets

Tark Grunte Sutkiene is another firm that benefits from a pan-Baltic presence, and is viewed within the market as a solid proposition across the practice areas.

“TGS keeps its position very well, no problems with it being top tier at all,” approves one rival partner.... [more]

Tark Grunte Sutkiene is another firm that benefits from a pan-Baltic presence, and is viewed within the market as a solid proposition across the practice areas.

“TGS keeps its position very well, no problems with it being top tier at all,” approves one rival partner.

Highlight work for the firm came across a number of different areas. In acquisitions, a team led by partner Risto Vahimets advised Scandinavian airline SAS as it sold a minority stake in Estonian Air to the government in Estonia, a deal which completed for a confidential figure in October 2010.

Another big M&A deal saw Vahimets active again, advising real estate developer Technopolis as it acquired Ulemiste City, a company holding 10% of the office market in the Estonian capital. The largest post-recession Estonian real estate acquisition, Technopolis Ulemiste is now valued at around €63.5 million, with the deal also completing in October 2010.

TGS also got involved in some of the more rare markets work too, advising Eesti Energia on its eventually aborted IPO, an offering that would have been one of the largest ever in the Baltic region. Partner Hannes Vallikivi worked on the deal until it was called off, advising Deutsche Bank and other managers relating to the deal.

In addition to those above the firm itself can boast a stellar client list, with names including Unicredit, RBS, Michelin, Lukoil, JPMorgan, European Investment Bank and BNP Paribas. [hide]

	Lawin
	Bernotas & Dominas Glimstedt Raidla Lejins & Norcous Sorainen Tark Grunte Sutkiene
	Baltic Legal Solutions - Lithuania
	Eversheds Saladzius

Tark Grunte Sutkiene is a well established firm with a sound reputation on the Lithuanian market. Market commentators have observed that the firm excels in specific pursuits.... [more]

Tark Grunte Sutkiene is a well established firm with a sound reputation on the Lithuanian market. Market commentators have observed that the firm excels in specific pursuits. "They're quite strong in particular areas, acting for issuers in the local market. [They're visible with] large local corporates but in high profile foreign work and sovereign bonds they're not visible," says one partner, adding: "The main person that acts for local corporate issuers is Vidmantas Drizga". Clients have expressed their satisfaction and have described the team at the firm as "accessible", "responsive" and "innovative".

The firm has built up experience in regard to EU structural fund financing and has advised Government Ministries on the avenues to implement the EU Jeremie (Joint European Resources for Micro to Medium Enterprises) initiative. Moreover, the banking and finance group works closely with the European Investment Bank in relation to the implementation of the Jessica initiative on various issues pertaining to the funding of various energy saving projects. The practice group also focuses on aviation financing and leasing and has a sound track record in IPOs and other security offerings.

In the last twelve months, the firm has been active in some high value deals, especially with regard to matters pertaining to securitisation. The firm provided Lithuanian legal advice to Diaverum on a €614 million securitisation transaction. Additionally, the firm provided Lithuanian legal advice to Indorama Polymers with regard to securitisation and general transaction issues. It also assisted in the creation of security over the collaterals held in Lithuania as well as provided advice in relation to enforceability of transaction documentation against a Lithuanian obligor. This work took place in the context of one of the largest foreign investments made by a Lithuanian company to a foreign jurisdiction, at €108 million. Furthermore, the firm advised Volito Aviation Services and HSH Nordbank in connection to a $162 million lease of aircraft to Lithuanian air carrier Small Planet Airlines. It also assisted with regard to securitisation of the transaction. Finally, the firm advised private equity and venture capital manager, BaltCap, in the establishment of a €20 million venture capital fund. This transaction forms part of the EIF (European Investment Fund) managed Jeremie Holding Fund initiative in Lithuania.

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	Lawin Sorainen
	Bernotas & Dominas Glimstedt Raidla Lejins & Norcous Tark Grunte Sutkiene
	Baltic Legal Solutions - Lithuania
	Borenius / Svirinas & Partners Eversheds Saladzius Motieka & Audzevicius

Relatively newly merged firm, Tark Grunte Sutkiene continues to build market share. The firm has had a busy year and consolidates its position in the second tier.... [more]

Relatively newly merged firm, Tark Grunte Sutkiene continues to build market share. The firm has had a busy year and consolidates its position in the second tier. Market commentators have observed the firm's higher visibility and see the firm as a potential force in the future. "Tark is more visible but it is too early to speak of [a higher ranking]," one peer said. "Tark is active," says one partner, with another adding: "It is hard to choose...I judge from how they [firms] behave. Tark is good". "The younger partner is full of enthusiasm," one peer says.

The firm's ascendency is reinforced by client testimonies. "They have one of the best teams, quite professional, we're more or less happy," says one client. "[They're a] professional team with certain partners having expertise in certain areas; good value for money. They had quite reasonable commercial sense," says another client, adding: "We get along on a personal and professional basis." Clients have also picked out Marius Matonis and Jonas Pilkauskas for praise. "I have an excellent opinion of them. They're very good in negotiations," one client says.

The firm's pan-Baltic strength is growing as the firm attracts some leading mandates. Last year the firm advised shareholders of the Tiltra Group, including Invalda and NDX Energija, in the group's €400 million merger with Trakcja Polska, the leading rail infrastructure construction group in Poland. Additionally, the firm advised the seller, Hermis Capital (together with Amber Trust and Firebird Avrora), on the sale of a controlling stake in the Geonafta group, the biggest oil extraction group in Lithuania, to Lotos Group, a strategic investor from Poland. The firm also advised Thermo Fisher Scientific on all Lithuanian legal matters pertinent to the $260 million acquisition of Fermentas International, headquartered in Canada, and its nine subsidiaries located across the world including Lithuania.

The firm's dedication to its clients was brought to light. "I think they're very responsible and can work the night, weekend and holidays," one client says.

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