According to the annual reports published for the first time by Latvian law firms, Sorainen had the highest net turnover in the Latvian legal market in 2022. The annual turnover of Sorainen Latvia was EUR 8,394,222, while the profit amounted to EUR 1,460,288.
As this is the first year that Latvian law firms were required to publish financial results, it is also only now that we see the comparative data. The changes to the Advocacy Law of the Republic of Latvia of 16 March 2021 obliged law firms in the commercial register to re-register as a partnership or limited liability company, thereby also making it obligatory for firms to prepare complete annual reports.
The good results of the Sorainen Latvian office can be attributed to the fact that the firm represented clients on a full scale of services, including many high-profile transactions, disputes and public procurement cases.
Most notable transactions
Among the most notable transactions in 2022, our Latvian office worked on representing Nordigen, a freemium open banking data provider from Latvia, in a transaction selling Nordigen’s shares to GoCardless, the global leader in direct bank payments.
We also represented Primekss group company Primeteh, the holder of Latvian and European patents for an invention for composite concrete, in a major dispute on patent misuse.
Among several public procurement cases, our team assisted RB Rail to set qualification requirements for tenderers in the procurement of large track sleepers, as well as helping to defend them in a public procurement dispute before the Procurement Monitoring Bureau.
In addition, our teams worked on notable cases concerning covid restrictions, the introduction of a packaging deposit system, and a number of pan-Baltic and international transactions.
Two new partners
The Latvian office has nine partners and a team of over 90 people. Last year, the partnership expanded as Nauris Grigals joined our office and Jorens Jaunozols became a partner.
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 Defence Sector Group to satisfy the demand of the growing market. We also published our first sustainability report.
In Estonia, Sorainen’s revenue exceeded EUR 14,6 million, growing by 1,5%, while the operating profit was EUR 5,8 million in 2022 (decrease of 2,3% from 2021). The Estonian report is available here.