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

Raidla Lejins & Norcous is considered a powerhouse in the Estonian legal market. "They are the best without a doubt," says a competitor. However, it is felt that other firms have narrowed the gap in recent years. The firm is strong in both banking and finance and in M&A work, but the market also notes it is establishing a presence in the burgeoning restructuring and insolvency practice area.

For banking and finance Raino Paron is consistently singled out as an expert, as is Sven Papp for M&A. In R&I the firm can turn to Martin Käerdi for expertise, as he worked on the new law relating to reorganisations.

Clients like the depth of service the firm can offer and the professional approach it brings. "The firm is able to cover any and all areas of law," says one client, who adds: "It is constructive in giving business-oriented advice and effective solutions."

Despite paralysis in the banking market, there is still financing available for the right project. Paron advised Tallink Grupp, a ferry operator, on securing a €132 million syndicated facility for the acquisition of a new ferry.

The firm worked on a pan-Baltic deal together with Roschier Raidla's offices in Latvia and Lithuania. The deal involved structuring the finance for acquisition of a real-estate portfolio in the Baltics worth €150 million. The firm represented Skandinaviska Enskilda Banken.

On the regulatory side, the firm has secured mandates advising Borse Dubai on Estonian law aspects of its proposed acquisition of the OMX and gave American law firm Davis Polk & Wardwell Estonian law advice regarding Visa's IPO.

Raidla Lejins & Norcous maintains its top-tier position due to its all-round strength in both banking and finance and M&A work. The firm is known to have good government connections, with one peer comparing the firm with Slaughter and May in the UK.

Name partner Girts Lejins is a visible presence on the market, with one competitor noting "he is strong on all privatisation work" and is "a proven entity". Dace Silava-Tomsone receives praise for her work and "because she is always easy to work with".

In June 2009 Raidla advised the Linstow group of companies on the restructuring and renegotiation of its finance arrangements with a syndicate of banks. The firm is involved with the fallout from Parex banka, with Silava-Tomsone and Andrejs Lielkalns advising the minority shareholders on their rights in the process of the bank's takeover by the Latvian government.

Lielkalns advised the Latvian Ministry of Economics and Ministry of Finance on entry into a funding agreement with the European Investment Fund in a transaction valued at €183 million.

The firm acted as Latvian counsel to private-equity firm Enterprise Investors on its €35 million investment in Pharmaswiss. Raidla also provided advice to another private-equity house in August 2008 on the sale of the Izzi group.

The hire of partner Elijus Burgis from Bernotas & Dominas Glimstedt, along with some associates, is a significant addition for Raidla Lejins & Norcous. "I have a lot of respect for Burgis," says one peer. "He is probably a little aggressive, but he is promising."

The firm represented MVC Capital on its $28 million equity investment in Fima, a Lithuanian systems integrator. Advice included due diligence and negotiating a loan agreement with Parex banka.

Raidla Lejins & Norcous advised CPIO Gulbinai Gardens Holdings, a subsidiary of Citigroup Property Investors, on the extension of a term loan facility with SEB. Finally, Bank of New York Mellon hired the firm to advise it on the outsourcing of trade finance operations to Lithuanian banks.

The recruitment of Elijus Burgis is viewed as good thing for both firm and lawyer. "He is a significant young lawyer," says one competitor. "His move is a good promotion for him." Burgis brought some associates from Bernotas & Dominas Glimstedt too, further strengthening the firm. However, it is too early to judge the impact on Raidla Lejins & Norcous' position in the rankings, which is why the firm's ranking remains unchanged.

US firm Moog mandated the firm to provide counsel on its acquisition of Lithuanian company Viltechmeda. The deal was completed in December 2008 and the transaction was worth €15 million.

In January 2009 Raidla represented the shareholders of Gensina on the sale of the company to Ruukki Lithuania. The firm helped German pharmaceuticals firm Anzag with its acquisition of a 92% stake in the Lithuanian pharmaceuticals wholesaler Armila.

Raidla Lejins & Norcous also assisted the investment firm Martinson Trigon Venture Partners on the sale of 100% of shares in Norby Networks to Baltnetos komunikacijos.