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

"Borenius do good work, and have a nice balance in that work. They also have some outstanding lawyers," says one partner, while a client praises its energy: "I felt they worked day and night on our deal.... [more]

"Borenius do good work, and have a nice balance in that work. They also have some outstanding lawyers," says one partner, while a client praises its energy: "I felt they worked day and night on our deal."

"The complexity of the transaction was great, but we were very satisfied by how they got it done," comments another client.

The firm has for a period been under the umbrella of the pan-Baltic Borenius group, and this year a wholesale rebranding by the group has led to the firm being named simply Borenius, instead of Luiga Mody Haal, as before. This makes all the firms in the different jurisdictions more uniform and is part of a strategic plan currently being carried out by the Borenius group across all its firms in the Baltic area to streamline and homogenise its brand.

Regardless of the name, the firm maintains a solid tier two position, with market opinion indicating it is a team that is still definitely pushing towards the top echelon.

Borenius's deal flow has been very much steady, holding down 2010 and having a number of transactions finalised in the early months of 2011. In the capital markets, a team led by partner Priit Pahapill advised Nordic Investment Bank on the securing of its €25 million of floating rate notes held with the public transport busses in Tallinn. It was one of the first pledges of this kind under the new legislation and was successfully completed in March 2011.

One issue gaining interest from investors every year is the environment, and Borenius recently acted on a pioneering deal of this kind. A team led by experienced energy partner Kaja Kallas, daughter of the serving European Commissioner for Transport Siim Kallas, advised Sumitomo Mitsui Banking Corporation on the sale of carbon dioxide offset purchasing. The seller was the government of Estonia, which sold 15.5 million carbon permits to their client and Mitsubishi Motors, and received electric vehicles and finance for energy efficiency projects in return. This is part of the very first green investment scheme in Estonia.

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	Lawin Raidla Lejins & Norcous
	Borenius Eversheds Bitans Sorainen
	Glimstedt & Partners Kronbergs & Cukste

In line with all the other Baltic firms under the aegis of the Borenius brand, Liepa Skopina has abbreviated its name to 'Borenius', as part of a branding strategy to make the alliance of firms more uniform. In almost every other sense though, the firm is the same, with just a change of the sign over the door.... [more]

In line with all the other Baltic firms under the aegis of the Borenius brand, Liepa Skopina has abbreviated its name to 'Borenius', as part of a branding strategy to make the alliance of firms more uniform.

In almost every other sense though, the firm is the same, with just a change of the sign over the door. It maintains a solid second tier position here by continuing its steady deal flow and by being seen to push itself above others in the market.

"We have a good opinion of Borenius as lawyers. They are better and more active than in a lot of other firms," concedes one competitor partner.

The firm's M&A team provided the major, standout deal this year. In this a team including partner Indrikis Liepa advised Abbott Laboratories on the Latvian legal aspects of its acquisition of the Belgian-based Solvay Pharmaceuticals. The total deal value was a significant €4.5 billion and it closed just before Christmas 2010.

In banking and finance, Borenius took on a series of big clients. In one deal they advised American Express on the transfer of its portfolio from Parex Banka to a newer institution, Citadele Banka and also acted for Hypo Real Estate Holding, Deutsche Pfandbriefbank and DEPFA Bank in a similar transfer of assets and liabilities. The former deal completed in September, while the latter was a little more protracted, stretching from March to July 2010.

A team, led by the active Edgars Lodzins, also took on an advisory role to the Financial and Capital Market Commission. This body was looking at ways to ameliorate and improve the insolvency process for credit institutions in the country, and the firm was involved in this.

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