Cobalt benefits from its membership of the World Services Group (WSG) and Lex Mundi, the world’s leading association of independent law firms, as the majority of its work is cross-border. Practice co-head Kristel Raidla-Talur is skilled in financial sector transactions such as the merging of banking entities, and is also key for the group’s detailed financial regulatory work, while fellow practice heads Marina Kotkas and Monika Koolmeister work on a range of financing transactions including energy financing and syndicated finance. Acquisition financing is another key strength of the group. Kaarel Eller has strong relationships with financial regulators. Greete-Kristiine Kuru is also noted.

The ‘business oriented, pragmatic’ group at Ellex has a strength in listing and bond offering projects, as well as licensing, with which the group assisted the Ministry of Finance of the Republic of Estonia in 2024. Practice head Raino Paron is well supported by Gerli Kivisoo, who is a standout contact for M&A-related banking and finance matters. The group also counts fund managers as key clients, and Helen Ratso is a standout figure in this regard. The group is also active in the fintech space and has expertise in the cross-border expansion of fintech companies. Toomas Kasesalu stands out for his bond issuance and trade finance expertise. Ermo Kosk focuses on areas such as mezzanine loans and mezzanine financing.

Sorainen has a ‘long term experience and a positive track record in local and international markets’ in the banking and finance sphere. The group utilises this breadth of reach to work on large-scale transactions for major financial services companies. Practice head Kätlin Krisak is key for the group’s capital markets work, including working on a 10-year government bond issue of the Republic of Estonia. Banking expert Hetti Lump-Kivisaari is adept at assisting a range of financial services companies, including credit institutions and insurance companies, with the structure of their businesses. Jane Eespõld has a strong knowledge of the licensing of credit institutions and regulatory matters such as AML regulations.

Eversheds Sutherland Ots & Co has a plethora of debt capital markets expertise in the team, enabling it to work on complex capital raising transactions. The group is called upon by creditors and borrowers alike, and boasts a client base which ranges from private individuals to large technology companies, as well as credit intermediary service providers. Dmitri Zdobnõh, whose experience includes bond listing and licensing of financial services firms, heads up the team, while Artjom Luik is instrumental in the group’s regulatory work, whether it is related to investment funds or AML issues. Managing partner Maivi Ots is key for the group’s banking and finance transactions.

Since its merger with PwC Legal in 2024, TGS Baltic continues to be highly proficient in financial regulatory matters. Lawyers also advise on large-scale financing transactions, such as syndicated loans, and clients receiving this advice include large banks such as Coop Pank, the fifth largest bank in Estonia, and real estate developers. Kirsti Pent heads up the team, providing clients with an in-depth knowledge of banking law. Olger Kaelep has a strong relationship with public authorities, and is commended for his expertise in ‘navigating the intricate intersections of finance, commerce, and administrative law’.

WALLESS has strengthened as a result of merging with FORT in 2024. This is notably in relation to its team depth, but also in relation to its ability to handle major, complex financing and capital markets transactions, such as bond issuances. The firm fields a team which is described by one client as ‘pragmatic, efficient and great subject matter experts‘. Team head Andres Siigur leads the team alongside former managing partner Hannes Vallikivi whose broad practice spans regulatory matters, derivatives, structured finance, acquisition finance and project finance transactions. Kaisa Saarmann is another key contact.

RASK Attorneys-at-Law is a strong option for a range of investment companies and credit institutions as well as crowdfunding platforms and private investors. The group handles core capital markets mandates such as securitisation structures and also assists with syndicated loans, as well as advising regulators in the financial services industry. Timo Kullerkupp heads up the team together with Karl Erik Esko, who counts funds, private investors, and crowdfunding platforms as key clients.

The group at KPMG Law in Estonia is able to call upon its global network to work on a range of financing projects and regulatory compliance in the financial services industry, as well as provide advice on purchase and sale of receivables from creditors, for example. Katri Remmelgas is commended for ‘an up-to-date understanding of the relevant regulation‘. Practice head Karin Oras counsels fund managers, insurance providers, credit institutions and other financial institutions, the former of which are a significant source of work for the overall group.

WIDEN is a popular choice for insurance companies in Estonia for whom the group acts on matters such as drafting deeds for loans and shareholder agreements. The firm has a strong fintech branch in its banking and capital markets offering. Ants Karu, who is a Nasdaq First North certified advisor, heads up the team and is well supported by Kristi Sild. Sild is skilled in public bond issues, an area of strength for the wider team.