EU – Baltic States, Good for Business, Law and Regulations, Legislation

Aku Sorainen.

Aku Sorainen, founder and senior partner of the firm, reminisces: “At a time like this I cannot help recollecting the early days. In 1993 I had finished my master thesis ‘A Foreign Investor in the Baltics’ which was published by the Finnish Lawyers’ Association – and suddenly I noticed that in Finland I was considered a specialist on Baltic law. Initially as a representative for a Finnish law firm and then in 1995 starting my own firm in Estonia – all this was actually quite an adventure and a real challenge, especially as I had not really practised law even in Finland. And now I was supposed to establish and manage the first foreign law office in Estonia and practise foreign business law! But it was an opportunity to realise my Baltic aspirations and since I did not yet have a family to feed I thought I could afford to take the risk!”

Since 2005 the firm has more than doubled its turnover in the jurisdictions where it operates and only in 2012-2014 welcomed four new partners. “Our continuous growth is the result of being the only fully integrated law firm in the Baltics and Belarus with solid and collegial partnership. Additionally we are committed to building a client centred culture and investing in our people,” comments Sorainen.

“Although leading a law firm is not rocket science, still each year we learn to lead the firm better. Despite the fact that we are now larger than ever, I think there is much more maturity and clarity within the organisation than ever before. I indeed feel privileged for having been able to move to the Baltic States at the right time, when development started, and for having been able thus far to spend the best years of my working life with a really enthusiastic and intelligent group of ambitious people.”

Among key mandates last year, the firm is proud to have advised the Lithuanian Ministry of Finance on European Union presidency matters ‒ the first time a Baltic country held the presidency position. Additionally SORAINEN advised insurance group ERGO on the cross-border merger of its subsidiaries in the Baltics as well as on related matters in Belarus. This was the largest cross-border merger in the Baltic insurance sector to date, and already the fourth completed by SORAINEN in the sector. The firm also advised Lithuanian commercial bank Šiaulių Bankas on its acquisition of Ūkio Bankas’ assets and subsidiaries (a “good bank”) with a total transaction value of EUR 782 million, the largest deal in the region during last seven years. The transaction helped to stabilise the situation in the Lithuanian financial sector and ensured that obligations towards insured depositors were taken over.

The award winners were chosen by a panel of judges, including managing partners of international law firms and in-house lawyers of multinational companies. Other shortlisted law firms for the Baltic award were LAWIN, Magnusson, Raidla Lejins & Norcous, Tark Grunte Sutkiene and Varul. The main selection criteria were strategic vision, strong financial performance and growth, consistent excellence in delivery of legal services, outstanding talent management and robust partnership culture.

SORAINEN is the leading regional business law firm with fully integrated offices in Estonia, Latvia, Lithuania and Belarus. Established in 1995, today SORAINEN numbers more than 140 lawyers and tax consultants advising international and local organisations on all business law and tax issues involving the Baltic States and Belarus.