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

"Glimstedt do some nice projects, and are very professional," comments one partner on the firm, which again has been fairly active this calendar year after a steady 2010. The firm receives a stream of mandates from companies looking to launch investment in Belarus.

One important deal was advising an international investment fund and financial institution on a mezzanine finance transaction. This would entail over €12 million of financing being made permissible for transfer to the holding company of a large manufacturing group. With companies from almost a dozen jurisdictions involved, it was a complex undertaking.

The team, led by managing partner Vitaly Kachelya, also advised VMG Industry as the borrower opposite Stepanovski on the EBRD wood processing plant financing.

Bernotas & Dominas Glimstedt has bolstered its team this year with the recruitment of partner, Linas Sesickas, and a number of associates. Assessments of the firm's performance have been a mixed bag from peers and clients alike. "Bernotas is strong despite some key people having left. Bright lawyers that started as associates are becoming visible. They grow from the inside and not from the outside," one partner says. However, another partner states: "They used to be top tier but their workflow is reducing. I've not come across them in banking & finance... the competence they accumulated with experience is still there but they're not so active".

There is a similar story on the client side. "We've been working with several firms, they're the best. It was a good experience," says one client, adding: "We trust them unconditionally; they've earned our trust over the years". However, another client states: "They are diligent, hardworking, but I think they can be a bit passive advising us, technical ability is sound but it could be more inventive."

Gediminas Dominas and Kestutis Jaskutelis are individuals who have been subject to praise from clients and peers. "Gediminas is a leading banking and finance partner. He's a really competent banking and finance lawyer," says one peer. "Kestutis is very business oriented and a very good negotiator. He understood the key elements of what we needed and had the time," one client said.

Despite uncertainty that pervades the appraisal of the firm, its deal list shows that it has received some notable instructions in the last year. As a result, it secures its place in the second tier. Interestingly, the firm is involved in a number of international finance institutions projects in Belarus. The firm is currently advising Norwegian fund Baltic Sea Properties and its manager First Newsec Asset Management Baltic on its €59 million restructuring of its financial obligations. Additionally, the firm is advising VMG Industry (BY) and its stakeholders from the VMG group on a €26.5 million European Bank of Reconstruction and Development (EBRD) loan and a €13.8 million shareholder's loan as part of a €77 million investment project in Belarus for the construction of a wood processing complex. The firm also advised OMA, a Belarusian DIY retail chain, on a €5 million loan supplied by the International Finance Corporation (IFC).

This year, Bernotas & Dominas Glimstedt retains its place in the second tier. The firm has built itself a strong reputation over the years. Nevertheless, market commentators have noted that the firm has lost some traction in the market of late. "Bernotas is less active," says one partner, adding: "They're quite strong but falling down in activity". "Glimstedt have strong partners and strong portfolios but in the last three years, they're less visible," says another partner.

Clients, however, have praised the firm in no uncertain terms. "Excellent quality, excellent speed and we have a long term relationship," says one client. Another client says: "For us, it is very important to have legal advice that has a high level of trust connected to a strong local presence. Sometimes it is hard in these markets for us; these guys are one of the few possible people we could work with. We were very happy with the service; professional, competent, flexible and on a tough time schedule."

Head of the corporate department, Remigijus Jakutis, receives praise from clients and peers alike. "I like Jakutis, he's professional and experienced but relaxed," says one partner. "I worked very closely with one lawyer [Remigijus Jakutis]. He was very proactive, efficient and fast," says one client, adding: "Every transaction is unique and you need to understand certain drivers in the process, he was very professional in that."

In the last year, the firm advised a Swedish property company and its subsidiary Newsec on the acquisition of Resolution, a leading Pan-Baltic real estate management and consulting company. Furthermore, the firm advised Grigiskes in the acquisition of a majority stake in Klaipedos kartonas from Hanner. The firm also advised LitCapital Asset Management (for LitCapital Fund) and Mesinvest (for Business Angels Fund) on the structuring and incorporation of the respective funds. These were the investment structures established under the Jeremie (Joint European Resources for Micro to Medium Enterprises) initiative launched by the European Investment Fund.