iDeal Magazine

1//2012

Borenius Group magazine

Space matters

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When business neighbours get competitive, making reasonable decisions requires a good sense of WHAT IS BEST FOR CONSUMERS. Expert in competition law Ieva Azanda and her colleagues take you behind the scenes at shopping centres.

unleashing inner strength

T

hree years ago, Vaidas Mackonis, partner with Attorneys at Law Borenius in Lithuania was introduced to a fashinating philosophy by a karate instructor.

"As a teenager in the Soviet Union, I was interested in karate but it was prohibited. My vision of the sport was heavily influenced by Bruce Lee movies," says Mackonis, laughing.

His blue belt symbolizes the fifth level, or kyu, of learning karate technique. Karatekas who complete the nine-level journey and have the right to wear a black belt, discover that their studies have only just begun. The object is to perfect oneself by perfecting the art. The ability to coordinate mind and body enables even the smallest person to exert tremendous power and overcome a possible attack.

"In addition to keeping you in good physical shape, karate improves concentration, intuition and confidence, develops composure, helps clarify thought processes, and provides useful insight into your mental capabilities," says Mackonis.

Now how is that for a lawyer’s asset?

EDITORIAL

I BORENIUS GROUP CONSISTS OF APPROXIMATELY 200 LAWYERS IN FOUR JURISDICTIONS IN THE FENNOBALTIC AREA. THE MEMBER FIRMS OF THE BORENIUS GROUP ARE INDEPENDENT AND SEPARATE LEGAL ENTITIES PRACTICING ADVOCACY FOR THEIR OWN ACCOUNT AND FOLLOWING THEIR RESPECTIVE LOCAL BAR RULES. WWW.BORENIUSGROUP.COM

'm delighted to be writing to you at a time when the headlines targeting us have changed: instead of reports on crises and market uncertainties we are being offered weather forecasts and reviews of holiday destinations.

While parts of Europe have yet to take the heat, the Nordic and Baltic countries appear to be well over their difficult times and steering straight into summer.

Previous experience tells us that blue skies and sunshine cannot last long in our hemisphere. An equal illusion would be to assume that achieving a superior market position guarantees any sort of permanent ticket to success. In our case profile, Mr Kalle Kiigske, CFO at Nelja Energia and Mr Peeter Kutman, partner at Attorneys at law Borenius in Tallinn, handle a story of change: the creation of Estonia's biggest wind-energy power company.

This issue’s Masterclass introduces you An equal illusion would to the changing legal environment in be to assume that capital markets. Even though the shape achieving a superior of the future legal landscape is not market position yet clear, our experts introduce you to the likely consequences of upcoming guarantees any sort of revisions in this vital area of business. In permanent ticket to our lead story, Ms Ieva Azanda, partner success. with Attorneys at law Borenius in Latvia, reminds us of a simple truth – lasting peace begins with good relations between neighbours, in our private lives and also among landlords and their tenants even when the latter is a major supermarket chain.

In summertime, even lawyers take a rest, and when doing so we never forget our colleagues, partners and friends. We invite you to visit and enjoy one of Latvia's most-admired natural wonders – Jūrmala and its sandy beaches. If you're looking for a day-trip destination or even a family holiday, you might find what you're looking for on the back cover of this issue. Enjoy!

Lauris Liepa Managing partner Attorneys at law Borenius (Latvia)

in this issuE:

5 LEAD STORY Space matters | 9 CASE PROFILE Turning three into one | 12 MASTERCLASS Capital markets

In this magazine Attorneys at law Borenius (Finland) refers to Asianajotoimisto Borenius Oy, registered in Finland; Attorneys at law Borenius (Estonia) refers to Advokaadibüroo Borenius OÜ, registered in Estonia; Attorneys at law Borenius (Latvia) refers to Zverinatu advokatu birojs Borenius, registered in Latvia and Attorneys at law Borenius (Lithuania) refers to Advokatu kontora BORENIUS / Švirinas ir partneriai, registered in Lithuania.

iDeal is Borenius Group’s magazine for business professionals. • Cover photo: Kaupo Kikkas • Editor-in-chief: Hanna Laurila • info@ borenius.com • Texts and layout: Otavamedia Customer Communications • Printed on environmentally friendly paper.

deAr reAder

LEAD STORY BY Heini Santos PHOTOS Kaupo Kikkas

Shopping for neighbours Being neighbours is an art in itself, not to mention situations when the parties involved are in direct competition. In Latvia, leasing trading space in shopping centres and the way in which competition authorities are interpreting legislation has become the talk of the retail circles in the last year or so.

Ieva Azanda, partner and competition law expert, Attorneys at law Borenius, Latvia

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the landlord from doing so. The LCC's decisions have triggered discussion of different aspects of the prohibited agreements and also about the general application of Latvian Competition Law to lease agreements.

Reasonable requests

“R

etailers have gained a considerable amount of market power, not only in Latvia but also in other Baltic countries," says Ieva Azanda, partner and leading competition law expert from Attorneys at law Borenius in Latvia. "In response, smaller retail shops, possibly supported by some local suppliers, have been complaining about certain kinds of commercial lease agreements.”

Over the past year or so, the Competition Council of Latvia (LCC) has issued three decisions against Rimi, Maxima and Palink, the country’s leading grocery retail chains, each of which have attempted to restrict landlords’ ability to solely decide on leasing the remaining trading space in a shopping centre. In fact, the retail chains have to some extent requested that such rights be theirs alone by adding restrictive covenants to the lease agreement – these either require the landlord to ask for their consent before allowing a competitor onto the premises, or simply prohibit

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All three cases followed a similar pattern - a retail grocer rents a significant amount of space from a shopping centre thus becoming the anchor tenant; in other words, the head honcho who generates most of the revenue. In its lease agreement, the anchor tenant specifies that owner of the shopping centre is not allowed to rent to the anchor tenant's competitors, or possibly even to smaller specialised shops that sell for example milk or meat, and whose business activities could adversely affect the anchor tenant’s sales. Even though landlords ideally want the freedom to rent space to anyone, they agree to such restrictions in order to secure the cash flow and the main tenant.

The fact that not all restrictive covenants are illegal makes this issue complex. On occasions, covenants of this type can be used, for example, against market-leading companies, but not against relatively-weak retailers or specialist outlets. As Azanda points out, requesting such restrictions is logical, sometimes even justifiable.

“Major retailers – brand names and integrated chains – want to prevent suppliers of premises from renting space to their competitors," she says. "And that makes sense: no business owner wants to have a major competitor right next door, especially when opening a retail outlet usually requires a substantial investment.”

Several aspects require scrutiny when determining the validity of a lease agreement. Are there justifiable grounds for the lessor to refuse a tenant? Is access to a specific facility essential for launching commercial activities? Are any acceptable substitutes for the facility available nearby?

The LCC’s interpretation

The LCC, however, analyzed the three existing cases solely based on Article 11 of Latvian Competition Law. Furthermore, the LCC did not analyze the effects of restrictive lease agreements on the consumers by applying the so-called per se prohibition doctrine, stating that restrictive covenants included in lease agreements are invalid by definition. Rather than adopting a narrow focus on the property question, Azanda thinks the analysis should consider whether an agreement really blocks >

“No business owner wants to have a major competitor right next door.”

Ieva Azanda, partner and competition law expert, Attorneys at law Borenius, Latvia

Taking it case-by-case

T

rends in the Baltic region regarding competition in the grocery retail sector appear to be reflecting developments in Latvia. While small retailers are most affected by the economic crisis, a small number of strong players hold a tight grip on market power in the increasingly-competitive Estonian and Lithuanian markets.

“Many shopping centres have been built in the past couple of years, and smaller businesses are starting to react to the restrictive clauses in lease agreements that are generally demanded by larger retailers,” says Kätlin Kiudsoo, senior associate with Attorneys at law Borenius in Estonia.

Estonia does not yet have a competition authority or relevant court practice. Pend-

ing cases have however caused discussion, and the conclusions will probably take into account the outcomes of cases ruled on by the Competition Council of Latvia and the courts.

“In general terms, we feel these cases should be examined on a case-by-case basis," says Kiudsoo. "A leased property should be evaluated either as a single market or as part of a larger entity, while also taking its location and specifications into account. Competitive environments in small towns and the capital area vary tremendously, as do the different types of property being leased.”

While no court decisions or public investigations concerning the issue have yet been made in Lithuania, Dr. Ana Novosad,

senior associate from Attorneys at law Borenius in Lithuania, also expects tenants in Lithuania to become interested in anti-competition clauses into their lease agreements.

“It would not be surprising if the Lithuanian Competition Council begins inquiring into lease agreements," she says. "As decisions by the Competition Council of Latvia are publicly available on the internet, tenants facing similar restrictions or who have been refused space in a shopping centre may consider appealing to the council.”

"A leased property should be evaluated either as a single market or as part of a larger entity, while also taking its location and specifications into account."

"As decisions by the Competition Council of Latvia are publicly available on the internet, tenants facing similar restrictions may consider appealing to the council.”

Kätlin Kiudsoo, senior associate with Attorneys at law Borenius, Estonia.

Ana Novosad, senior associate from Attorneys at law Borenius, Lithuania

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competitors' activities. The ultimate deciding factor should be consumers' interests – does the restriction result in harm, or can consumers' interests be secured in other ways?

“Even if competitors are prevented from setting up shop in the same premises, they may be able to open up in a separate location not far away,” she says.

In some cases, the LCC has considered the arrangement in a lease agreement to be a merger or concentration, which makes it subject to the regulations that control mergers. Azanda recalls one case where a retailer was only permitted to rent specific premises for a period of three years. The first question in such a case is what happens if, after three years, permission to continue renting is not extended and the retailer has to move – how would the landlord secure another tenant of similar size? The second question is that if a lease agreement is considered to be a concentration, which by the way is a difficult argument to win given the law's current wording, then why are the restrictive covenants not regarded as ancillary restraints, i.e. devices required to secure returns on an investment for at least some minimum period of time?

Negotiation time

The overall situation in the retail market in Latvia is not unique. Similar phenomena are visible in many European countries. As the issues related to lease agreements have developed quite rapidly, many businesses that need to know about them are not aware of the potential effect on their activities. Currently, Attorneys at law

“As the issues related to lease agreements have developed quite rapidly, many businesses that need to know about them are not aware of the potential effect on their activities.”

Borenius (Latvia) is handling several cases in Latvia dealing with the treatment of lease agreements for retail premises under competition law.

“Developments around the issue are ongoing, and all lease agreements are likely to be affected in the future, not

C

Asko Lindqvist, partner, Attorneys at law Borenius, Finland

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ommenting on the possible inclusion of restrictive provisions in lease agreements in the retail grocery sector in Finland, Asko Lindqvist, partner with Attorneys at law Borenius in Finland, says that serious concerns associated with competition issues have not yet been raised. In his opinion, complaints of this type would always be handled on a case-by-case basis, taking both macroeconomic and microeconomic perspectives - the wider interests of consumers and

only those made in the retail sector," says Azanda. "We want our clients to be aware of this issue so that they can look ahead and have a perspective on how things that might affect them could evolve.”

When a client contacts Attorneys at law Borenius with a lease-related problem, the first step is an analysis of the foundations for the case – is it a complaint that would be of interest to the LCC? Is the inclusion of restrictive covenants in the agreement justified? How might such covenants affect competition?

Azanda also gives some good pointers to negotiating lease agreements.

“Do not include restrictive provisions in your lease agreements, and always consult a professional," she says. "This approach pays off in the long run because most of the time, the tenant is the party which suffers the consequences. When there is a problem with a lease agreement, the LCC predominantly addresses and fines the tenant, as landlords are not thought to have very much influence.”

individual business opportunities - into consideration.

"There has been only one case like this to date," says Lindqvist. "It involved the leasing of trading space at Helsinki-Vantaa Airport by Finavia, a state-owned company which maintains, inter alia, facilities in the airport terminal. The Finnish Competition Authority considered Finavia to be an essential partner for companies who lease this type of space at the airport, and Finavia agreed to change its business practices by provid-

ing undertakings that would contribute to equal, transparent and consistent conduct in this connection. In May of this year, however, a programme aimed at promoting sound and effective competition was launched by the Finnish Government, and this could have an impact on the conditions under which trading space is leased in the Finnish retail market."

CASE PROFILE BY Lena Barner-Rasmussen PHOTOS Kaupo Kikkas

Turning THREE into ONE When Estonia's biggest wind power companies merged into a single concern - Nelja Energia - the quantities of paperwork involved were huge.

Peeter Kutman, partner, Attorneys at law Borenius, Estonia

Kalle Kiigske, CFO , Nelja Energia

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“They say 'the devil is in the details', and in this case, there were lots of details.�

Kalle Kiigske, CFO , Nelja Energia

F

lat, sparsely-populated terrain and shallow seas with a smooth sandy bottom - countries on the eastern side of the Baltic Sea have no shortage of locations for generating energy from the wind.

Both the infrastructure required, and the factors which will drive demand, are now in place. As Estonia, Latvia and Lithuania all have to comply with the EU's 2020 targets, they will be turning to renewable sources of energy. In Lithuania, the Ignalina nuclear power plant was closed in 2010, making the country a net importer of electricity. Cables now connect the energy systems in the Baltic countries with grid systems in Russia and Finland, and additional power-transfer cables are under construction.

In conversations concerning Estonian wind parks, names such as Freenergy, Vardar Eurus and Nelja Energia usually come up. Until quite recently, wind farms usually owned on a 50/50 basis by Freenergy and Vardar Eurus, were run by Nelja

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Energia under a management agreement.

In January 2010, a decision was made to merge the three companies in a deal valued at EUR 300 million.

For advice on the merger, Kalle Kiigske, Nelja Energia's CFO, called their longstanding legal partner Attorneys at law Borenius (Estonia). Primary responsibility for handling the transaction was given to partner Peeter Kutman.

"The main objective was to clarify the company structure by moving all the wind farms into a common holding company, making the Nelja Energia concept easier for stakeholders such as potential investors to understand," says Kiigske.

Plenty of paperwork

Even though it sounds pretty straightforward, this was a complicated case. When the time came to close the deal, a total of 97 documents requiring signatures were on the table.

The merger took place through an exchange of holdings: Vardar Eurus acquired a stake in Freenergy, in which

ownership consisted of a majority shareholder, the European Bank for Restructuring and Development (EBRD), and 15 other companies or private investors. Freenergy was then merged into Nelja Energia, which also became the company name.

Kutman's team consisted of partner Aivar Taro, senior associate Kätlin Kiudsoo and associate Ott Aava. The core document was the new shareholders' agreement for the EBRD, Estonian investors and Vardar Eurus.

The other main transaction document was a share-swap agreement through which Vardar Eurus acquired shares in Nelja Energia. "This resembled a regular M&A document," says Kutman. "But it was also quite complicated - we needed to transfer shareholdings in 15 companies located in three different jurisdictions."

Smooth execution

Even though the amount of paperwork was huge and the process took a lot of time, both Kutman and Kiigske agree that the merger proceeded in a very gen-

In-house experts on wind power tlemanly manner. "The level of trust between the parties involved was high," they say.

But vigilance was still essential, because while parties to the deal are currently on good terms, the situation might be different down the road.

"Issues that now appear obvious could become a conflict in the years ahead," says Kutman.

This was just one of the challenges.

Another was simply the number of parties involved, which resulted in a quite remarkable number of documents. "They say 'the devil is in the details', and in this case, there were lots of details," says Kiigske, adding that he was very happy that Attorneys at law Borenius (Estonia) took care of the paperwork.

Nelja Energia has always relied on Attorneys at law Borenius (Estonia) for legal advice and assistance. "It was a great help that all the partners are genuinely interested in what we do and know a great deal about our business," says Kiigske.

Ambitious growth plans

Now that the structure of Nelja Energia is clear, the company's focus will be on growth. Kiigske sees plenty of market potential - the capital costs associated with nuclear power facilities will rise and existing plants need to be replaced.

In the wind energy sector, the capital cost of wind farms may be high but running costs are minimal. In addition to wind farms, as the Baltic countries have an abundance of both forests and agricultural land, Nelja Energia is planning to move into energy generation from biomass and biogas. "Our plan for growth includes acquisitions," says Kiigske.

It looks as if Attorneys at law Borenius (Estonia) might soon be asked to offer more legal advice.

W

hile competition between wind turbine manufacturers has been tough in recent years, the outlook for wind farm developers is a lot brighter.

"Some 12 months ago, the EU commission approved Finnish legislation on tariffs for electricity generated using wind power, and this stirred up the market," says Casper Herler, who leads practice in Environment & Infrastructure at Attorneys at law Borenius in Finland.

"The tariffs guarantee a specific price for wind power producers," says Herler. "If the current market price is below the guarantee price, the Finnish state makes up the difference."

In addition to wind, a crucial component in the wind farm business is large areas of land, which is usually leased. "The leasing contracts have particular features that are best handled by a lawyer with competence in the wind energy sector," says Herler, who has been involved in wind power development for 10 years.

Herler's team was further strengthened a year ago when Klaus Mets채-Simola joined Attorneys at law Borenius in Finland. His experience in the wind power sector is unique - he worked at Finland's Ministry of the Environment preparing legislation on zoning for wind turbines.

"In wind power, areas in which legal help is usually most valuable include the entire zoning process and obtaining associated permissions," says Mets채-Simola. Another issue, sometimes a thorny one, is interaction with the immediate surroundings.

Most people are in favour of using renewable energy sources as long as the wind turbines don't end up in their back yard.

"Perhaps it's a borderline legal matter, but we offer our clients consultation on this issue at an early stage," says Herler. "Local reaction to a wind farm proposal can be a make-or-break factor in decisions regarding complete projects."

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Changing conditions in capital markets

BY Teemu Puutio ILLUSTRATION Pietari Posti

MASTERCLASS. If they are to fill their sails when the economic winds start blowing from a new direction, European businesses must be prepared to navigate changed and changing legal environments in capital markets in the years ahead.

iDEAL Borenius Group magazine

R

ecent dislocations in the mundane ebb and flow of global financial tides have triggered feelings of urgency in connection with refurbishing capital-market legislation. “An abundance of regulatory amendments have now been tabled that will affect capital markets both nationally and within the EU,” says Ari-Pekka Saanio, partner with Attorneys at law Borenius in Finland.

According to Saanio, Attorneys at law Borenius has been keeping abreast of the shifting currents for some time by actively monitoring developments in a variety of forums. Maintaining an awareness of upcoming changes is a wise strategy for anyone who intends to stay afloat in the long run.

Riding the shockwaves of the global economic crisis

“Many of the regulatory amendments currently being prepared by the EU can be interpreted as a response to the recent economic crisis,” says Saanio. "As the last few years of economic turmoil have clearly demonstrated, capital markets are not isolated from other forms of economic activity. They actually consist of a tangled web of financial operators hailing from Finland and elsewhere."

It is only fitting that the impetus behind many of the reform measures proposed in Europe and aimed at returning balance to a wounded economy is also of global origin. “Some of the undertakings we are now seeing stem from past G20 summits,” says Saanio.

The reach of the proposed European legislative revisions will be extensive. “The majority of Europe's key legislative instruments are being reassessed, and provisions judged to require attention are receiving close scrutiny,” he says.

European undertakings of this type are not always viewed in a positive manner in the field. “We cannot be certain that actions being taken or planned by the EU will invigorate internal market activity and encourage non-EU operators to get involved in Finnish and EU capital markets,” says Saanio.

Meanwhile, Finland has also embarked on it own journey towards a long-awaited and comprehensive revision of national capital markets legislation. “The planned revisions cover the majority of related legislation and will entail amending key acts of parliament,” he continues.

Entering uncharted waters

“As the Finnish revisions are still in the planning phase and many of the proposed European measures have not been finalised, a conclusive assessment of the final shape of the future legal landscape in capital markets is just not possible,” says Saanio. Specifically, he calls for active discussion and debate between the Finnish regulator and market players in Finland on the concept of good market practice.

Saanio also notes that making predictions about the consequences of proposed reforms is difficult because Finnish capital markets have not experienced reforms on a similar scale in the past. Some probable developments are however becoming clear. “Foreseeable effects of the proposed legislative revisions include significant changes to the minimum threshold for the brochures that accompany public offerings,” he says.

National reforms will also require concrete changes in the internal practices followed by businesses operating in Finland. “Planned amendments to the market-abuse and insider-

registry norms will require organizations to take additional internal measures,” he says. "And as further proposals are expected, the proposed Finnish revisions should continue to be regarded as a work-in-progress."

Offering a reliable helping hand

For anyone involved in capital market activities in Finland, Saanio is keen to highlight the importance of discussing both planned and on-going projects before the proposed revisions exert their full impact on the capital market sector.

“In the post-revision environment, the relative importance of many of the factors which influence the successful completion of any undertaking in capital markets could change,” he says.

He also thinks the introduction of revisions will expand the need for legal advice in future years, and warmly encourages both existing and potential clients to engage Attorneys at law Borenius in proactive discussions regarding the potential implications.

Forthcoming changes in the Estonian capital markets legislation entail notable amendments to the legal framework our clients do business in. For instance, we advise fund managers to prepare carefully for the upcoming implementation of the fourth amendment Undertakings for Collective Investment in Transferable Securities Directive (UCITS IV). At the same time, we recommend keeping an eye on the undertaking to amend the Markets in Financial Instruments Directive (MiFID II).

Indrek Minka Attorneys at law Borenius (Estonia)

There are a number of significant recently implemented changes in Latvian capital markets legislation that our clients should pay attention to. For example, recent amendments to the Law on Investment Management Companies have introduced a new regime concerning, inter alia, management company passporting, disclosure requirements for investors and mergers between UCITS funds. We advise our clients to acknowledge the changes to the Law on Financial Instruments Market that were adopted with an aim to minimize administrative barriers for the issuers of securities and to increase thresholds for offering securities without drafting a prospectus. Attention should also be paid to the new Law on Alternative Investment Fund Managers which will implement the EU Directive 2011/61/EC on Alternative Investment Fund Managers.

Edgars Lodzins Attorneys at law Borenius (Latvia)

in brief

BY Leila Uotila and Heini Santos

“Training covers about ninety percent of real-life situations.”

Are You reAdY for CompeTiTion?

Attorneys at law Borenius (Finland) is now offering a new online training programme on competition law. It is an affordable way for companies to train their employees and to monitor the results.

While

it is beneficial for everyone interacting with different interest groups to have a basic knowledge of competition law, it is particularly important for directors, managers, sales staff and people responsible for purchasing and logistics, and also for personnel involved in negotiating agreements. Adequate training helps companies ensure their employees are not abusing the law.

"The online programme enables our clients to access this training programme whenever it suits their schedule," says Ilkka Aalto-Setälä, partner with Attorneys at law Borenius (Finland), who helped compile the programme content.

"Unlike a conventional classroom setup, it also requires each participant to give the material their full attention."

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Completing the training session does not require a previous understanding of competition law – about 45 minutes with internet access in a quiet setting is all it takes. Four general topics are introduced, then complemented by question and answer routines which enhance learning.

The session ends with a short test and success is rewarded with a printable certificate. Employers receive regular reports on the results.

Attorneys at law Borenius (Finland) updates the programme content on a regular basis. "Completion of the training means that people will be able to recognize what they should not to do in different situations. They will also know how to react in competition scenarios, and when to seek additional help," says AaltoSetälä. "Although the training is general in

nature, it covers about ninety percent of real-life situations."

The training programme is executed through Edita, a leading provider of communications services in the Nordic countries. Launched last year in Finnish, it recently became available in eleven other languages.

"The great thing is that employers gain a good understanding of the level of knowledge of competition law among their staff, and can thus have better control over it," says publishing manager Pirita Lyytikäinen from Edita. "Our customers also praise the practical, interactive approach."

For further information, visit: verkkokoulutus.edilexpro.fi/ kilpailuoikeuden-verkkokoulutus

[Finland]

[Lithuania]

finniSh CoLLeCTiVe AgreemenTS noW AVAiLAbLe onLine

neTWorking in SpringTime

Most industries in Finland are covered by collective agreements that play a central role in determining individual terms of employment. Attorneys at law Borenius (Finland) has assembled English versions of the scopes of application of all the generally-applicable Finnish collective agreements and published the collection on its website. Complete Finnish versions of the collective agreements can be found at the same URL. "We have a huge number of collective agreements in Finland," says Jani Syrjänen, specialist partner with Attorneys at law Borenius in Finland. "About 200 of them are generally applicable and therefore apply to every employer and employee, even if the company concerned is a non-unionised one.”

Until now, only a very limited amount of this type of information has been available in English. “This is the first time that information for all Finnish industries has been made accessible at a single location,” says Syrjänen.

“Our aim is to help our clients recognize their legal obligations," he says.

"At the same time, this is a response to requests by international companies issues connected with the rather complex Finnish scheme for collective agreements are often a cause for concern.”

The collective agreements (both Finnish and English) can be found at: www. borenius.com/FinnishCA

At the beginning of June, Attorneys at law Borenius (Lithuania) participated in BBQ'12, Lithuania's largest business networking event. As well as discussing legal matters with other participants, Attorneys at law Borenius personnel invited the guests to join them in Nordic walking after the day's business was concluded.

In May, Attorneys at law Borenius (Lithuania) was one of the sponsors for the IBA Legal Business Conference held in Vilnius. The aim of the conference was to encourage active discussion of topical legal issues such as law firm leadership, growth in the legal sector and strategies for internationalisation.

[All offices]

Top rAnkingS in ChAmberS gLobAL And ChAmberS europe Attorneys at law Borenius has received high rankings in several categories in Chambers Global and Chambers Europe 2012, a leading international guide to the legal profession.

For instance, rankings in the Chambers Global include the following practice areas: in Estonia, Corporate/Commercial and Dispute Resolution; in Finland, Banking & Finance, Corporate/M&A, Dispute Resolution, Intellectual Property, Reconstructing/ Insolvency, and Tax; in Latvia, Dispute Resolution and Corporate/Com-

AppoinTMEnTs ATTORNEYS AT LAW BORENIUS [FINLAND] Heikki Wahlroos, Sanna Lindqvist, Einari Karhu, Kare Hyvärinen, Markus von Schrowe and Lasse Vuola were appointed senior associates with effect from 1 January 2012.

Lawyers Sampo Kättö and Janne Korhonen have joined the Transactions Practice Group.

Susanna Lundán, Markus Kouhi, Juhamatti Järvi and Niki Welling have been appointed as lawyers in the DRI group.

ATTORNEYS AT LAW BORENIUS [LATVIA] Ruta Olmane, expert in intellectual property law, qualified Latvian trademark attorney and European trademark attorney, has joined Attorneys at law Borenius (Latvia).

Olmane will be working in both the Intellectual Property and Dispute Resolution and Litigation practice groups. Her fields of expertise include litigation and the enforcement of IP rights, customs seizures involving both foreign and domestic clients, licensing and domain names.

Ieva Sefere has joined the EU/Regulatory and M&A practice groups at Attorneys at law Borenius (Latvia). Sefere has previous experience as a legal adviser in the Ministry of Finance of the Republic of Latvia, EU Funds Strategy Department.

mercial; in Lithuania, Dispute Resolution; and in Russia, Tax (experts based abroad).

Chambers and Partners has been publishing global directories of the legal profession for more than twenty years. The information used to generate the rankings is based on indepth, objective research.

Chambers Global and Chambers Europe 2012 rankings can be found at: www.chambersandpartners.com

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This world-class beach destination is closer than you might think. Almost 33 kilometres of white sandy beaches, thermal springs, and pine forests can be found in J큰rmala, only 20 kilometres from Riga city center. With its historical buildings and wooden villas, the J큰rmala district offers visitors plenty of eye candy - long and lazy strolls along the beach, or through small coastal villages. When your shoulders have had enough sun, cool them off by visiting museums and art galleries. If you have toddlers with you, introduce them to L카vu Akvaparks' water slides. And no trip to J큰rmala is complete without a pampering session in one of the famous spas.

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