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

There is plenty of respect for Raidla around the market and few doubt that it deserves its top tier status: "Leaders in the market. You feel good if you know you'll negotiate with them," says one peer.

As of September 1 2011, Toomas Vaher has become the managing partner and Jüri Raidla the senior partner of the firm.

Some peers suggest that a decline in M&A and the loss of partner Anti Perli may affect the firm's standing, but as one peer says. "At the same time their still maintain a good reputation."

Deals
In 2012, the firm broke new ground in M&A with leading lawyers Sven Papp and Raino Paron leading a team advising Ukrselhosprom on the acquisition of shares in Marfin Bank. This deal was the first example of a Ukrainian entity obtaining approval for the acquisition of a majority shareholding in an EU bank. The firm also continues to advise Swiss finance group RLS Finance in the acquisition of Estonian bank Eesti Krediidipank.

In addition, Papp instructed Norwegian company Reitan Servicehandel in the €130 million acquisition of a large number of R-Kiosk convenience stores across Estonia, Lithuania and Finland. Papp has also led teams instructing on some of the largest corporate restructuring and refinancing transactions in the country, including the de-merger of shipping and real estate giant Ärimaja.

In pure banking Paron instructed a club of leading banks (Nordea, Swedbank, SEB, DnB) in connection with a $156 million syndicate loan to Alexela Logistics. This deal, which closed in December 2011, is the first large loan transaction drafted to the Loan Market Association (LMA) standard, which is subject to Estonian law.

In 2011 and 2012 the firm worked on two international offerings of debt securities. Paron and team assisted Estonian national energy company Eesti Energia with the issuing and listing of €300 million notes on the LSE in 2012. The previous year a team advised Global Ports (the leading container terminal operator in Russia) in connection with its $588 million IPO on the LSE.

Another pan-Baltic leader Raidla is respected amongst peers as a hardworking team of lawyers who are "well connected" with particular strength in finance. Guntars Zile is head of the corporate arm with Andrejs Lielkalns in charge of banking and finance. Raidla are a firm favourite with clients: "They're a client orientated firm. They helped us with legal issues but also with transaction related matters like application processes and presentation to government bodies which was invaluable". Another client adds: "They were very flexible on price and offered discounts on the cap and instruments to optimise legal costs," and they have a "very good communication network. It's like having one window into the Baltics."

Deals
Head of corporate Guntars Zile has been busy on a number of M&A deals including advising on the joint acquisition of a majority stake in SIA Baltkom TV by AXA Private Equity & Resource Partners and Hansa Auto SIA's $1.6 million purchase of Adam Auto SIA from BaltCap; both deals closing in May 2011.

In addition, the firm advised Russian OTKRITIE Financial Corporation on an acquisition from GE Money Latvia Holdings. The deal failed to close but would have represented one of the first high value financial institution acquisitions in Latvia since the financial crisis.

The firm also acted for European Bank for Reconstruction and Development (EBRD) on a loan to Graanul Invest relating to two heat and power plants in the Baltics.

In banking, Andrejs Lielkalns instructed the Ministry of Economics/Latvian Guarantee Agency on transferring the management and holding of the JEREMIE Investment Fund to a national financial institution. One of the first of its kind, the €183 million deal became effective from January 2012.

Lielkalns also instructed Allied Irish Banks on the sale of its mortgage portfolio in Latvia to Swedbank. This transaction is noteworthy as the first example of a foreign credit institution selling its banking assets in Latvia.

The firm has also been working with Laseta & Partners in Moscow advising PAREX Banka on the restructuring and recovery of its foreign assets totalling $30 million.

Newer than some other firms Raidla Lejins & Norcous are best known for cross-border financing projects and funds work. They are widely recognised as in the top end of tier two in both banking and corporate work. In 2011 the firm hired Maksimas Saveljevas as the new managing associate. The respected corporate expert was snatched from Pavlov & Partners and had previously worked at Eversheds Saladzius. The firm boast an impressive list of clients with one remarking: "Raidla are a young team. They are focused commercial minded and a breath of fresh air." Irmantas Norkus and Elijus Burgis are joint heads of the banking and finance department with Norkus also shoring up the M&A practice. One client says, "I have been working with Raidla Lejins & Norcous law firm for 15 years and Maksimas Saveljevas is of a very good quality."

Deals
One of the firms most impressive deals to close in 2011 involved the project financing of a wood processing complex in the Republic of Belarus. Elijus Burgis led a team assisting the European Bank for Reconstruction and Development (EBRD), Landesbank Baden-Württemberg (senior lenders) as well as Swedfund International (subordinated lender) in the provision of loans valued at €53 million. The firm also advised the EBRD alongside its Estonian and Latvian offices on the €34 million financing for construction of two heat and power plants. The deal, which was signed off in September 2011, involved an innovative security sharing arrangement between the EBRD and a pan-Baltic bank.

On the M&A front, Irmantas Norkus and Eva Suduiko acted for Reitan Servicehandel on the €130 million acquisition of over 1000 R-Kiosk convenience stores. The team also acted for pharmaceuticals company Sanitas on the €364 million sale of a shareholding in Valeant for €364 million.

In insolvency, the firm are representing creditors in the bankruptcy of Bank Snoras, the €50 million proceedings have led to the representation of 14 foreign companies filing their claims against the Lithuanian Government.

The firm have also remained prolific in the funds arena. Leading lawyer Elijus Burgis instructed UAB Orion Asset Management on various fund formations.