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

	Egorov Puginsky Afanasiev & Partners Sorainen Vlasova Mikhel & Partners
	Borovtsov & Salei Businessconsult Stepanovski Papakul & Partners
	Arzinger & Partners Cerha Hempel Spiegelfeld Hlawati
	Glimstedt Law Group Argument Trust Law Group
	Company Legal Technologies JurZnak Revera Consulting Group

Working on a similar timeframe to Magisters, Sorainen also makes it to the top tier this year after market opinion pointed to the firm's size and number of key mandates secured in the last year as evidence for promotion.One partner highlighted last year's acquisition of Alexey Anischenko from Vlasova Mikhel as a statement of intent, while another points to the firm's "high quality of service, the clientele they attract and their hourly rate".... [more]

Working on a similar timeframe to Magisters, Sorainen also makes it to the top tier this year after market opinion pointed to the firm's size and number of key mandates secured in the last year as evidence for promotion.

One partner highlighted last year's acquisition of Alexey Anischenko from Vlasova Mikhel as a statement of intent, while another points to the firm's "high quality of service, the clientele they attract and their hourly rate".

However, some clients don't agree with the latter statement, naming Sorainen as one of the more expensive firms on the market, while peers also note how aggressive the firm is in looking to establish itself as the pre-eminent international firm in the market through its marketing.

In terms of work, the firm acted on the IFLR award-winning Danone merger deal, though on the side of the Russian firm Unimilk, whose assets were consolidated with the former. A headline transaction, it was led by Anischenko and managing partner Maksim Salahub, and spanned operations in Russia, Ukraine and Kazakhstan as well as Belarus.

Other highlights included advice to Baltic Beverages Holding (BBH), a subsidiary of the Carlsberg Group, which included competition and tax support for its acquisition of OJSC Brewery Alivaria. The deal saw BBH gradually increase its stake from 47% to 57% and finally to 67% of ordinary voting shares in the company with the last stage closing in January 2011 for a cumulative cost of around €20 million.

Partner Kiryl Apanasevich also headed up a noteworthy finance deal, advising the International Finance Corporation on a long-term €22 million corporate loan to the Alutech Group in Belarus. This company engineers all manner of aluminium products and the funds are intended to help support the group's growth strategy.

The firm is also preferred counsel to a string of important international clients in the country including: Microsoft, JPMorgan Chase, the Intel Corporation and Mitsubishi Motors.

[hide]

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

Sorainen, as in many other jurisdictions, is the subject of remarks in the market for its robust and businesslike approach, which it teams with excellent marketing strategies."They have a young and aggressive team," says one partner, while another adds: "Sorainen are outstanding, with excellent marketing.... [more]

Sorainen, as in many other jurisdictions, is the subject of remarks in the market for its robust and businesslike approach, which it teams with excellent marketing strategies.

"They have a young and aggressive team," says one partner, while another adds: "Sorainen are outstanding, with excellent marketing." "They are a good law firm, and are growing. They style themselves as M&A specialists," says another peer.

None of this is said in a derogatory way, but in recognition of how the firm has worked its way into a solid tier two status in Estonia over the past few years. It is also notable that while the firm does have M&A as a core practice area, it has been active in other areas too.

Two of the most important mandates came, or at least had their genesis in, 2010. On one a team a led by partner Reimo Hammerberg, a leading lawyer who has been very visible over the past year, advised on the Estonian aspects of the large restructuring effort for Parex Banka, which collapsed during the crisis and had to be bailed out by the Latvian government. The deal, which is by some distance the largest restructuring in the Baltics, completed fully in August 2010.

The other notable deal was working opposite Lawin on the facilities agreement extended to Viru Keemia Group, one of the largest deals of this kind in Estonian history. The Sorainen team acted for members of the syndicate of Estonian and Finnish banks that provided these credit facilities, primarily SEB Bank but also Nordea Bank and Pohjola Pankki. Although the deal closed last year, certain amendments were finally signed in early February 2011.

Sorainen did flex its M&A muscles this year too, advising large retail company CityCon on its acquisition of the Kristiline shopping mall, the second-largest in Tallinn. As well as being one of the largest real estate transactions in Estonia, at €105 million, the deal will give ownership of the two biggest shopping centres in Tallinn to CityCon, although the deal will not close until merger clearance is confirmed.

With the year also taking in some legislative drafting work too, it is clear that Sorainen is another firm that will be looking toward the top tier in the next year or two.

[hide]

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

Sorainen is the other truly international firm that is active in Latvia, but despite its evident qualities it is an office that divides opinion."Sorainen is good, and it did an excellent job of representing the state in the Parex proceedings," says one peer and this view is borne out by their interesting and varied deal flow and the fact that some feel it is a firm pushing towards the top tier.... [more]

Sorainen is the other truly international firm that is active in Latvia, but despite its evident qualities it is an office that divides opinion.

"Sorainen is good, and it did an excellent job of representing the state in the Parex proceedings," says one peer and this view is borne out by their interesting and varied deal flow and the fact that some feel it is a firm pushing towards the top tier.

However, there is a certain train of thought that takes aim at the firm's modern, aggressive approach to its marketing. "Sorainen's marketing is superb, but whether it matches its quality [of work] is up for debate," comments one partner and another agrees: "Sorainen is active in M&A from time to time, but the firm markets hard and I think it might just be that," adds another corporate competitor.

Putting aside this promotional debate though, the firm has had a satisfactory year in difficult circumstances and so retains its tier two placing. The M&A team is a particular strength within the firm, with numerous market analysts putting it up there for both value and number of deals. One highlight saw leading lawyer and managing partner Eva Berlaus leading a team advising the largest Latvian cable television company Baltkom in the sale of a majority stake in the concern to a duo of buyers, Axa Private Equity and Resource Partners. This deal entailed the entry of the two buyers into the market and was completed in May 2011 for an undisclosed sum.

Sorainen was also heavily involved with the Parex collapse and its aftermath. One deal in relation to this was split into two phases. In the first, a team from the firm acted for the State Joint Stock Company Privatisation Agency, whose shareholder is the Latvian republic itself, with respect to the sale of a quarter stake, plus one share, of Parex Banka to the European Bank of Reconstruction and Devlopment (EBRD).

This then necessitated a wholesale restructuring of the new bank, in which the EBRD then reduced its interest in Parex to 19% by selling a tranche of shares to the Latvian Privatisation Agency, advised again by Sorainen. The deal closed in late July 2010, for an overall value of €36 million. Eva Berlaus again was very much involved, working on both of these deals.

[hide]

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

Sorainen has a solid banking and finance practice that is growing in stature with each passing edition. The firm's banking and finance practice is the second fastest growing practice in Sorainen's Lithuanian office.... [more]

Sorainen has a solid banking and finance practice that is growing in stature with each passing edition. The firm's banking and finance practice is the second fastest growing practice in Sorainen's Lithuanian office. "Sorainen are active and have strength in their team. They are very good in capital markets and financing," says one partner. "We've seen them on a couple of deals, we saw their senior associate working in banking and finance," says another partner.

Clients have expressed their satisfaction with the services supplied by the firm. "They are very professional, keeping deadlines okay as well," says one partner, adding: "It's always what you could expect from partners, consultants [communication] was a real advantage. They communicate and are responsive. It's very professional."

With an established reputation, peers and clients have been full of praise for Tomas Kontautas. "Tomas Kontautas is a good authority in insurance and banking," says one partner. "He's very very helpful. It's pretty comfortable. He helps me feel secure in the legal perspective," says one client.

In the last twelve months, the firm continued to attract some notable instructions. It advised BNP Paribas and JPMorgan Securities on the Rule 144A/Reg S issue of $750 million 6.125% notes due in 2021. It was only the second issue of notes under US dollars by Lithuania issued since 1997, and the first issue of notes of Lithuania in 2011. Additionally, the firm acted as lead counsel for Euler Hermes Kreditversicherungs, a leading credit insurance provider, in the sale of its subrogation claims portfolio. For the first time in Baltic history the whole recourse portfolio owned by the insurer was sold. Moreover the subrogation portfolio included claims that the client acquired through branches in Lithuania, Latvia and Estonia. Therefore, the agreement on the sale of the portfolio required meticulous drafting in order to secure enforceability in the mentioned countries. The firm also acted as local counsel for KBC Bank on the restructuring of a high value facilities agreement where KBC Bank acted as an agent in the syndicate, which extended the loan.

[hide]

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

Sorainen retains its place in the top tier thanks to another successful year, which has seen the firm involved in the market's most significant instructions. With three partners and three senior associates backed by a number of associates, Sorainen certainly has the manpower for M&A.... [more]

Sorainen retains its place in the top tier thanks to another successful year, which has seen the firm involved in the market's most significant instructions. With three partners and three senior associates backed by a number of associates, Sorainen certainly has the manpower for M&A. This coupled with the firm's integration in the Baltics and Belarus makes the team a potent regional force. However, this appraisal is not unanimous among the firm's competitors. "They are in the market, but I'm feeling [others] are more active. I'm not sure how much their team is dedicated to M&A; They're less visible," one rival says.

Nevertheless, clients have been in no doubt as to Sorainen's quality. "It was a very good experience. They were very good at tasks at hand...flexible, hardworking, good standard of work," says one client, adding: "We got advice that was more business advice than purely legal. It helps when you go to a new country." Laimonas Skibarka and Raminta Karlonaite are individuals that have been drawn out for praise. "Mr Laimonas, he's a very good lawyer, a business oriented lawyer. Raminta Karlonaite, I recommend her to other companies," one client says.

In the last twelve months, the firm has been involved in some of the country's highest profile mandates. Sorainen is presently advising Hitachi as the strategic investor in the new nuclear power plant project in Lithuania. This is the largest project in the Baltic States since gaining independence. Once operational the Visaginas Nuclear Power Plant will add 1,300MW of low-carbon power capacity and will enhance the security of energy supply in Lithuania and the region. Additionally, the firm was involved in the largest completed acquisition of a Lithuanian company in the last year when it advised Lotos Petrobaltic in its acquisition of a controlling stake in the Geonafta group, the largest oil exploration and production group in Lithuania, from three financial investors. The firm also advised Mieszko in its €32 million acquisition of the Vilniaus pergale group, one of the largest Lithuanian confectionary producers.

"Sorainen is a very good firm. They have strength in M&A, Laimonas Skibarka is a dealmaker," one peer says.

[hide]