The sales revenue of Advokaadibüroo Sorainen AS, our legal entity operating in Estonia, grew by 1.46%, reaching EUR 14,562,000 in 2022. The operating profit fell slightly, by 2.34%, to EUR 5,823,000.
Sorainen managed to outperform our growth level for the previous year despite a challenging economic environment, in which top law firms were seriously affected by a decline in deal activity. The Estonian M&A deal market clearly suffered the biggest hit of all the Baltic countries in 2022, both by deal count and value compared to 2021.
Despite the changed deal landscape, Sorainen took on several landmark transactions and remained the go-to law firm for startups. Estonian startups raised a total of EUR 1 billion in capital within the first four months of the year alone, and Sorainen advised on more than three quarters of this outstanding figure.
Most notably, we advised Bolt, the fastest-growing mobility platform in the world, raising USD 709 million in the biggest funding round in the history of both Bolt and the Baltics overall. We also advised Veriff, a global identity verification service company founded and headquartered in Estonia, on raising USD 100 million in Series C. The deal made Veriff the ninth unicorn to be born in Estonia.
By way of further bolstering our connections with the startup world, we also launched our own spin-off, Crespect, an intelligent management platform for legal practices.
Our achievements as an outstanding transaction advisor were acknowledged as in 2022 Sorainen became the first Baltic law firm to win the title of “Central and Eastern Europe M&A Legal Adviser of the Year” at the Mergermarket Europe M&A Awards.
We also retained our top spot in the Kantar Sifo Prospera client satisfaction survey, with clients ranking us the best law firm in Estonia for the fourth year in a row. Of the 15 legal areas that clients were asked about in total, Sorainen received the highest evaluation in 14. In addition to this, we hold the top ranking in the business daily Äripäev’s list of successful law firms.
Two people were promoted to partnership in Estonia last year: Kätlin Krisak, head of the Sorainen Finance & Insurance team, and Kaido Künnapas, head of the Sorainen Tax team. Sorainen remains one of the biggest employers on the legal market, paying EUR 4,252,000 in social, income and value-added tax in Estonia last year.
The new initiatives launched by the firm in 2022 clearly reflected the new security environment. The new services launched included Sanctions Compliance and Ukraine Emergency Room, while the firm also launched the Defence sector group to satisfy demand from this growing market. We also published our first sustainability report.
The audited annual report for 2021 of Advokaadibüroo Sorainen AS was published on the Company Registration Portal of the Estonian e-business register, together with a thorough activity report highlighting the most significant achievements and focus areas of our firm. The company celebrated its 27th anniversary in 2022.
Sorainen Latvia publishes first annual report
This year, Sorainen Latvia also published a full annual report for the first time, revealing that we are the law firm with the largest revenue in Latvia with a turnover of EUR 8,402,000. The profit of the office amounted to EUR 1.5 million.