Pan-Baltic firm Cobalt established has an office in Vilnius. It also has branches in Latvia and Lithuania and employs more than 200 lawyers in total.
Focusses / specialisms
The firm has experience in advising mainly foreign clients in banking, corporate and M&A, and in project development practice areas.
In banking and finance, it has a track-record of advising international lenders, borrowers and institutional investors on cross-border transactions.
In corporate and M&A it represents mostly international investors in their roles of buyers and sellers in mergers, acquisitions and corporate restructurings in various industries.
In project development the firm advises foreign investors and developers.
Pan-Baltic firm Walless was established in late 2018 in Lithuania by a spin-off of around 30 lawyers from Ellex Valiunas. The firm has grown rapidly and now has a network including branches in Riga, Tallinn and Tartu.
Highlights
The firm is a strong player in the Lithuanian financial law sector achieving tier 1 status across Banking and finance, capital markets, financial services regulatory and Project development. The firm has been active on a range of matters including syndicated and project financings, investments, mergers, regulatory advice, acquisitions and both energy and transportation projects.
Deal highlights includes advising in the sale of InMedica Group, the largest private healthcare provider in Lithuania, by Mehiläinen. The transaction marks a significant strategic expansion of Mehiläinen’s presence in the Baltics and growth opportunities in Lithuania's healthcare sector.
Key clients
Vinted, TransferGo, SumUp, RIA, Vilnius City Municipality, Kaunas City Municipality, State Entity Ignalinos atominė elektrinė, Solaris, European Bank for Reconstruction and Development, Swedbank, Siauliu Bankas and Bayerische Landesbank.
Testimonials
2025
“They stand out for professionalism, responsiveness, and deep expertise in financial regulatory matters. The team consistently delivers work of the highest standard and can be fully relied upon even in time-sensitive or complex situations. What sets them apart is their commitment -
I’ve experienced their support even during public holidays or outside regular hours, which speaks volumes about their dedication and reliability. Additionally, their tailored newsletters are a valuable resource, providing
timely insights on hot topics and developments relevant to clients’ needs.” - Financial service regulatory
“Top
notch, one of the best M&A people in the region.” -
M&A
“Sharp, out of the box thinking and negotiation tactics and strength” -
M&A
“Walless provided pragmatic and commercially focused advice, demonstrating a clear understanding of complex corporate and regulatory issues and communicating risks in a straightforward manner. Their responsiveness and ability to deliver practical solutions were particularly valuable.” - M&A
“Accurate clear answers, communication and results” -
PPP/PFI
“We like the fact that they
are able to cover
numerous tasks at the same time, giving continuity and follow-up to all of them.” -
Project development
“Speed in delivering results, good structuring of issues, solutions and outcomes (very clear and constructive deliveries, no unnecessary language), wide and deep digging.” -
Asset Finance
Povilas Zukauskas
“Easy to contact, responsive, immediate and structured approach on issues, constructive delivery of solutions.”
Joanna
Baublyte
Kulviete
“She is excellent at identifying risks and has a strong ability to see the full picture, which helps in making well-informed decisions.”
“Understands business needs and offers professionally creative solutions.”
“Structures
deals well and
solves problems at
strategic level.”
Tomas Balciunas
“He is involved in all of our trial cases, preparing our briefs, responses, hearings and case strategy.”
2024
“Professional team (especially in areas of regulation of financial services and taxation).” (Banking and finance client)
“They are very professional, proactive and they have a very good understanding of how the regulatory institution is working and how they are thinking. Our cooperation was always very smooth.” (Financial services regulatory client)
“Walless have significant M&A and renewable energy credentials in Lithuania. They were really proactive and very responsive to us. They were really professional.” (M&A client)
“Walless is attentive to clients and offers effective dispute resolution methods.” (PPP/PFI client)
“Extremely skilled and professional with solid industry and regulatory specific background.” - Joana Baublytė-Kulvietė, Head of Banking and Finance Practice Group
“Very knowledgeable on M&A, very responsive, very proactive, happy to engage with us, able to offer solutions.” - Dovile Burgiene, Managing Partner of Lithuania
“Very deep knowledge of the whole regulatory process, responsiveness, very high problem-solving skills.” - Akvile Marozaite, banking and finance associate partner
“Vaidotas is hugely knowledgeable in the renewable energy sector. But above all, he was so proactive and regularly brought us updates in the offshore wind sector as they occurred without us asking. These updates were so appreciated.” - Vaidotas Puklevicius, M&A partner
“Very experienced lawyer with perfect competence in regulation of banking and investment services.” - Gediminas Rečiūnas, Finance partner
“She is responsible, delves into client issues, and is highly knowledgeable in her field.” - Laura Ziferman, Head of Commercial and Regulatory Team
