Recent amendments to the Employment Contracts Act modernized the organization of working time and on-call time. The category of an employee with independent decision-making capacity has been added.

There is a growing concern, across CEE, about a potential wave of insolvency and restructuring proceedings. Given the economic aftermath of COVID-19, coupled with the ramifications of rising inflation and interest rates, energy crisis concerns, and the war in Ukraine – the road ahead seems bumpy at best.

The corporate and M&A practice of Ilaw Lextal has been very busy working on employee option share investment schemes and overall transactional work, primarily driven by and likely to increase due to rising inflation and interest rates, according to Partner and practice Head Dziuginta Balciune.

Andersen Global has entered into a collaboration agreement for the Baltic region with Lextal Legal, adding three locations to its existing network: Lextal in Estonia, RER Lextal in Latvia, and iLaw Lextal in Lithuania.

The Lithuanian legal landscape is being transformed, with notable changes taking place in the energy, tax, corporate, and employment sectors, according to Lextal Partner Vilma Sabaliauskiene.

Entering into force on February 19, 2021, the EU Recovery and Resilience Facility aimed, according to the European Commission, “to mitigate the economic and social impact of the coronavirus pandemic and make European economies and societies more sustainable, resilient, and better prepared for the challenges and opportunities of the green and digital transitions.” CEE Legal Matters spoke with lawyers from Bulgaria, Greece, Hungary, Latvia, Poland, and Romania to learn what each country focused on, with its Recovery and Resilience Plan (RRP), and what difficulties lie ahead, now that these plans have been submitted to the EC.

Lextal has advised Tuul Mobility on its EUR 3.1 million bond issuance and application for trading on the Nasdaq Baltic alternative market First North.

On March 9, 2022, four leading Estonian lawyers sat down for a virtual round table moderated by CEE Legal Matters Managing Editor Radu Cotarcea to discuss the current state of the startup environment in Estonia and analyze its main drivers, the local startup ecosystem, and the regulatory environment shaping it.

On February 18, 2021, following a five-year preparation period, the Saeima – the parliament of the Republic of Latvia – adopted amendments to the country’s Advocacy Law, addressing, inter alia, the proper corporate form for law firms. Going forward, in Latvia, a law firm must either be a partnership (either general or limited) or a limited liability company. CEE Legal Matters spoke with several Latvian lawyers about the newly amended law.

I have been the managing partner of the pan-Baltic law firm Lextal – with offices in Estonia, Latvia, and Lithuania – for six years. During this time the market has changed considerably.

Contributed by RER Lextal.

Contributed by ILAW Lextal.

Similarly to the rest of the world, the major factor affecting every aspect of life is COVID-19, however, despite the crisis, things are going rather well in Estonia, according to Lextal Partner Kristi Sild.

The real estate market in all three Baltic States is closely related and, although the legal systems vary a bit, buyers face the same or similar issues. Although important details concerning the purchase of real estate are brought forth in the sale contract drawn up by a notary (in Estonia and Lithuania) or attorney at law (in Latvia), in practice various nuances still tend to be left unattended.

Directive 2019/2161 of the European Parliament aims to ensure better enforcement and the modernization of EU consumer protection rules. The Omnibus directive is also known as the consumer GDPR because it sets forth hefty fines for infringements of the regulatory framework on consumer rights protection. The Omnibus directive must be transposed into the national legislation by November 28, 2021.

Lextal has advised Estonian financial technology group IuteCredit on its EUR 75 million senior secured corporate bonds issuance. GSK Stockmann reportedly acted as a global advisor on the deal.

Lextal’s Tallinn office has advised Alarmo Kapital, the majority shareholder of Arco Vara, on its takeover bid of EUR 1.3 per share for the remaining shares in the company.

Lextal has advised Columbus A/S on the sale of Columbus Eesti AS to its General Manager Ivo Suursoo and Columbus Lietuva UAB to its CEO Dovydas Zinkevicius. Triniti advised the buyers on both deals.