According to transaction market data providers Mergermarket and LSEG, Ellex had a strong start to 2026, ranking #1 by deal count in Central and Eastern Europe in Q1.
In a selective M&A market, Ellex ranked #1 by deal count in Central and Eastern Europe, advising on 16 announced transactions during the quarter. This represents 10.7% of all reported CEE deals, with an aggregate disclosed value of USD 216m.
These results were achieved across a broad mix of mandates, reflecting steady client activity rather than reliance on a small number of headline deals.
Ellex was also the highest‑ranked Baltic law firm in the Nordic and European involvement tables in LSEG’s Small‑Cap and Mid‑Market rankings for the quarter.
We are grateful to our clients for the trust they placed in us during the quarter, and for involving us in transactions that matter to their businesses.
Q1 results at a glance (CEE)
#1 in CEE by number of deals
16 announced transactions
10.7% market share by deal count
USD 216m disclosed deal value
Ellex’s Q1 activity reflects ongoing client engagement across the Baltics, spanning multiple sectors, deal sizes and ownership structures.
Mergermarket is a leading business intelligence and news service specializing in forward-looking mergers and acquisitions (M&A) intelligence, predictive analytics, and corporate data. Mergermarket’s Global and Regional M&A Rankings 1Q26 are available for download here.
LSEG is one of the world’s leading providers of financial markets infrastructure and delivers financial data, analytics, news and index products to 44,000+ customers in over 170 countries.
Under Lithuanian law, foreign direct investments (FDI) that may affect national security – particularly in key sectors such as energy, transport, IT, finance and defence, as well as in strategic companies and infrastructure – are subject to a screening process. Approval is required prior to completing a transaction, and non-compliance may result in the investment being declared invalid or in the loss of shareholder rights.
Investors from EU, NATO, EFTA and OECD countries generally face less stringent scrutiny, while others may be subject to stricter review.
The article examines the scope and duration of this process. Ellex in Lithuania lawyers also note that Lithuania may expand its screening regime to include agriculture and food sectors, reflecting increased attention to supply chain security.
The W&C FDI Reviews 2026 publication provides a perspective on an increasingly complex and fast-evolving investment landscape across jurisdictions worldwide.
The latest edition of the international GAR 100 ranking has been released, marking the third consecutive year the Ellex arbitration team has been listed among the world’s best.
The GAR 100 is an annual ranking compiled by the international arbitration directory Global Arbitration Review, listing the world’s leading arbitration practices.
The Ellex arbitration team is one of the largest in the Baltic region and among the most experienced in handling complex commercial and investment arbitration cases. The team consists of 23 experts with extensive experience in representing investment disputes, as well as acting for clients in various commercial arbitration proceedings before major international arbitral institutions.
Firms are selected for the GAR 100 based on their arbitration teams’ outstanding expertise and strong reputation, as well as their most significant cases, achieved results and overall contribution to the development of international arbitration practice.
Launched in 2006, GAR is the leading resource for international arbitration news and community intelligence, providing high-quality analysis of elite firms worldwide. Each year GAR publishes unique survey: the GAR 100, a guide to specialist arbitration firms worldwide. The survey points readers to dependable counsel, offering extensive qualitative analysis of arbitration practices around the world. Firms are stringently researched and assessed to ensure that only the elite are listed.
Rūta Karpičiūtė, Partner at Ellex Lithuania, has been awarded the Lexology Index 2026 Client Choice award. She was recognised as the winner in the Healthcare & Life Sciences category and is the only recipient of this distinction in Lithuania.
This recognition reflects her long-standing commitment to delivering outstanding client service. Rūta has been consistently recognised by Lexology Index (formerly Who’s Who Legal) for nearly two decades, since 2007.
What makes this recognition even more meaningful is that it is based entirely on client feedback. Unlike many other legal rankings, it is not driven by peer review or submissions from law firms, but by nominations from corporate counsel. Thus, the award places a strong emphasis on service excellence – recognising not only professional reputation or deal size, but also how clients experience working with their legal advisers.
The awaited Legal 500 Europe, Middle East & Africa (EMEA) 2026 edition has once again recognised Ellex among the leading law firms in the Baltic region, reaffirming its position as a top-tier legal advisor across key practice areas.
This year, Ellex has achieved an exceptional number of Tier 1 rankings across Estonia, Latvia, and Lithuania, demonstrating consistent excellence and strength across the full-service offering.
Ellex offices in Estonia, Latvia, and Lithuania have been ranked Tier 1 in the following practice areas:
Banking, finance and capital markets;
Commercial, corporate and M&A;
Dispute resolution;
EU and competition;
IP, IT and telecoms / Intellectual property;
Real estate and construction;
Shipping and transport.
Additional Tier 1 recognitions include Employment (Latvia & Lithuania), and in Lithuania also Fintech, Projects & energy, and TMT (Technology, Media & Telecommunications). Tier 2 rankings in Tax across all three Baltic countries and Employment in Estonia. Our experts have received individual recognitions across key categories, including 14 Hall of Fame rankings, 23 Leading Partners, 17 Next Generation Partners, and 14 Leading Associates.
Our performance across the Baltics has remained stable and strong, and we see these results as an encouragement to keep doing what matters most – working closely with clients, gaining the perspective that helps us see further, and supporting them in navigating both today’s decisions and tomorrow’s challenges.
For over three decades, The Legal 500 has been analysing the capabilities of law firms worldwide, with a comprehensive research programme that is updated annually to provide the most current and in-depth view of the global legal landscape. The directory assesses the strengths of law firms in more than 150 jurisdictions.
Chambers & Partners has published the Chambers Europe Guide 2026, once again recognising Ellex as one of the leading law firms across the Baltics. The latest results highlight our focus on delivering strategic and client-focused legal solutions and reflects the high level of trust our clients place in our pan-Baltic team.
According to the rankings announced on March 19th, Ellex has maintained its Band 1 position in Dispute Resolution across all Baltic jurisdictions. Ellex have also been ranked as Band 1 for Corporate/Commercial (Estonia, Lithuania), Competition/Antitrust (Latvia, Lithuania), Banking & Finance (Estonia, Lithuania), Employment (Latvia, Lithuania), Intellectual Property (Estonia), and Real Estate (Estonia, Latvia).
This year, 65 Ellex professionals were ranked across 8 practice areas. Notably, 5 of our experts were honored with the highest individual distinctions: Filips Kļaviņš nominated as Senior Statespeople (Corporate/Commercial), Jevgēnijs Salims – Senior Statespeople (Dispute Resolution), Valentinas Mikelėnas – Senior Statespeople (Dispute Resolution), Giedrius Stasevičius – Senior Statespeople (Banking & Finance), Rolandas Valiūnas – Eminent Practitioner (Corporate/Commercial).
The Chambers Europe Guide is one of the most prestigious benchmarks in the legal industry, providing an objective analysis of law firms across the continent. These rankings are the summary of independent research, including interviews with clients and peers.
Ellex has maintained its presence in these rankings for two decades. For us, consistently being ranked at the top is not only a reflection of past achievements, but also a proof of our ongoing ambition to set the pace for legal innovation and client-focused excellence in the Baltics.
You may explore the full Chambers Europe Legal Guide 2026 here.
As of 9 March, Kevin Gerretz, senior associate, takes on the role of Head of Financial Regulatory at Ellex in Estonia. His work focuses on financial services regulation, anti-money laundering and counter-terrorist financing requirements, and capital markets. Kevin advises clients on complex regulatory matters, helping them navigate decisions that are informed, carefully balanced, and business‑oriented.
Extensive experience across the financial regulatory landscape
Kevin has a long-standing experience interpreting financial services and product regulation, compliance obligations and requirements applicable to market participants. His advisory practice covers financial products, services and critical financial infrastructure. He has assisted clients in areas including:
investment services and products;
credit provision and banking;
payment services;
securities market infrastructure, including central securities depositories and trading venues;
anti-money laundering and counter-terrorist financing measures, as well as international sanctions.
Kevin also has substantial experience representing clients in supervisory and licensing proceedings and in interactions with regulatory authorities, including situations where regulatory issues directly affect clients’ operational possibilities.
Key role in capital markets transactions
Alongside regulatory work, Kevin has broad experience in capital markets. He has advised on numerous debt and equity offerings and has participated in the issuance and admission-to-trading processes for a wide range of instruments.
Leadership and commitment to develop the next generation
Kevin leads the financial regulatory team at Ellex in Estonia and is actively involved in mentoring junior colleagues and interns. He values creating opportunities for younger lawyers to work on substantive matters and take responsibility early, strengthening both their professional growth and the long-term sustainability of the team.
Balancing detail and the bigger picture
Kevin emphasises that the highly regulated nature of the financial sector requires a precise understanding of detailed rules as well as the ability to see the broader context. Striking the right balance between risk-based compliance and business opportunity is essential, and central to the advice he provides.
Five deals advised by Ellex team have been shortlisted for the 2025 CEE Legal Matters Deal of the Year Awards. Organised by CEE Legal Matters, a leading legal industry publication covering Central and Eastern Europe (CEE), the awards, including shortlist, highlights transactions with major regional impact – from defence financing and renewable energy to cross‑border tech acquisitions and strategic infrastructure projects.
The shortlisted Ellex-advised deals in the Baltics:
Valstybės investicinis kapitalas’ UAB EUR 25 million bond issue, the first in the Nordic and Baltic markets to be listed under the Nasdaq European Defence, Resilience, and Infrastructure (NDRI) framework, specifically to finance the Rheinmetall ammunition factory and other Lithuania’s national security initiatives.
Eesti Energia’s voluntary takeover offer, squeeze-out of minority shareholders, and delisting of Enefit Green AS from the Nasdaq Tallinn Stock Exchange.
The divestment of 100% of the shares in security technology company Defendec Holding OÜ and its Estonian, UK and US subsidiaries to VOSKER, a Montreal-based provider of advanced surveillance solutions.
EUR 85.6 million financing from EBRD, NIB and Edmond de Rothschild AM to Baltic Storage Platform for Estonian BESS Projects.
Advising the lender on the Tele2 – Global Communications Infrastructure (GCI) 50/50 joint venture establishing a pan‑Baltic tower infrastructure company.
The Deals of the Year Awards this year received 301 submissions and a total of 253 deals are eligible for one or (in some cases) multiple awards this year.
The winners of the 2025 Deals of the Year award will be announced in May.
As of 9 March, Siim Vahtrus leads the environment and planning practice at Ellex in Estonia. Siim is a counsel who is one of Estonia’s most respected experts in environmental and planning law.
Siim has been a key member of our regulatory group since November 2025. Stepping into a leadership role is a natural next step in a field where decisions are both business‑critical and of broad public significance. His strengths lie in clear argumentation, strategic thinking and the ability to stay several steps ahead – giving clients confidence that every matter will reach a solid, well‑grounded outcome.
Experience that shapes decisions and the environment around them
Over 15 years, Siim has advised companies, the public sector and other clients on large‑scale projects that form the foundation of Estonia’s economy, spatial development and green transition:
major infrastructure (high‑voltage lines, railways),
renewable energy developments,
mining and waste management,
residential and commercial real estate planning.
His work also covers the stages following spatial planning – design conditions, building permits and use permits – enabling Siim to support clients throughout the entire lifecycle of development projects, from concept to execution.
Siim is also an experienced litigator with several significant victories in the Supreme Court, and a strong partner in regulatory matters where both investment and public interest are at stake.
Expertise that drives development
Siim is the co‑author of several key legal publications, including:
commentary to the general part of the Environmental Code Act,
the strategic environmental assessment guidelines,
the green network planning guidelines,
and he was one of the authors of the draft of the Industrial Emissions Act.
His background as a trainer in argumentation and negotiation gives him a clear advantage in situations that require both substantive accuracy and the ability to bring different stakeholders to a shared understanding.
International perspective and high standards
Siim graduated cum laude from the University of Tartu, having also spent a year at the University of Konstanz in Germany, where he gained professional proficiency in German. Before joining Ellex, he worked at the Estonian Environmental Law Centre and in two leading Estonian law firm. Experience that has given him a balanced and comprehensive view of the intersection between law and spatial development.
Siim summarises his work philosophy in three principles: passion for the field, objectivity in every situation, and awareness of one’s limits – both recognising them and working to exceed them. And yes, he believes humour has its place even in the most technical matters.
Welcome to the new role, Siim. Together, we see further.
Ellex Baltic Fintech Legal Outlook offers a comprehensive overview of the most significant legal developments and market trends expected to shape the fintech sector in Estonia, Latvia and Lithuania during 2026. Involving insights from leading legal experts in fintech, this publication highlights key regulatory changes (including PSD3/PSR, CCD II, EU AML package, MICAR, EU AI Act, Digital EURO) as well as country specific initiatives and elaborates on their impact to the local fintech markets.
In 2026, the Baltic FinTech landscape is defined by regulatory maturity, consolidation and cross-border ambition. Estonia remains a digitally advanced and credible fintech hub, benefiting from constructive engagement by the regulator and a shift towards sustainable, pan-European scaling. Latvia gains momentum with its FinTech Strategy 2026–2027, supported by active regulators´ backing and increased licensing activity, strengthening its position as an attractive innovation hub. Lithuania continues to offer efficient access to the EU market, while facing heightened supervisory expectations around AML, operational resilience, AI, cybersecurity and governance as EU regulatory integration deepens.
You can start reading or download the full report HERE.
Estonia: From rapid expansion to sustainable, regulated growth
Estonia enters 2026 as a mature fintech hub, building on its strong start-up culture, advanced digital infrastructure and a well-experienced regulator in technology-driven business models. While the market has peaked statistically in terms of start-ups and unicorns per capita, the focus has shifted from rapid growth to sustainability and cross-border scaling.
Regulation continues to play a decisive role in the sector in line with broader EU trends. Estonia’s relatively compact regulatory environment remains as an advantage, allowing for swift and constructive dialogue with the regulator. The regulator is placing strong emphasis on further enhancing the efficiency of Estonia’s regulatory landscape by reducing administrative burdens for market participants, streamlining regulatory requirements and introducing new solutions to facilitate a smoother and more efficient licensing process. At the same time, supervisory practice has become more selective resulting in higher licensing standards and a smaller but more credible market.
From a regulatory perspective, 2026 is defined by implementation rather than transition. MiCAR has changed the digital asset landscape, DORA has shifted the focus to operational resilience and ICT risk management, the upcoming application of the PSD3/PSR is redefining the provision of payment services and artificial intelligence is reshaping how the financial services are provided in general. These developments require fintech companies to combine technological innovation with regulatory maturity, reinforcing Estonia’s position as a stable and credible jurisdiction for financial services innovation.
Latvia: a coordinated push toward competitiveness
Latvia steps into 2026 with a new FinTech Strategy for 2026–2027 with a main objective to ensure that Latvia becomes a competitive FinTech hub in Europe by offering an attractive environment for licensing, innovation and growth.
With strong support from the legislators and the financial supervisory authority, Latvijas Banka, the country is on the right path to achieve this ambitious goal, as evidenced by an increasing number of authorizations issued to FinTech companies in 2025, including several CASP authorizations.
Lithuania: Alignment with evolving EU frameworks and stricter supervisory expectations
In 2026 Lithuania’s fintech ecosystem should anticipate alignment efforts with evolving EU frameworks, as well as stronger supervisory emphasis on AML, operational resilience, AI/automated risk models, cybersecurity and governance arrangements. Deeper EU regulatory integration with MiCAR, AML regulation, PSR and PSD3, among others, will be critical in ensuring both a growing competitiveness and appropriate risk management. While Lithuania remains as one of the key players in the European fintech ecosystem with a rapid market entry potential, stricter conduct expectations, supervisory oversight and maturity of compliance and risk management are expected to be defining topics this year.
About Ellex
Ellex is a leading law firm in the Baltics, providing comprehensive legal services to fintech companies and other business sectors. With a client-focused approach and unparalleled industry knowledge, we empower businesses at the forefront of innovation to thrive in an ever-evolving digital economy. Ellex stands out with its deep expertise and proven track record in navigating the complex legal landscape of fintech, digital assets, and IT law. Our clients say:
There are quite a lot of firms offering FinTech legal services, but not many of them have Ellex´s track record in real executions and experience with regulators and different market participants.
Our colleagues – Liga Merwin, Managing Partner at Ellex Latvia, and Ieva Dosinaitė, Partner at Ellex Lithuania, have been independently nominated as Stand-out Lawyers by Thomson Reuters as part of its global research with senior in-house counsel.
The recognition is based on confidential nominations from corporate clients who identify lawyers that have delivered exceptional value and impact in their work over the past three years. Lawyers included in the research are nominated directly by clients without involvement from their firms.
Clients have appreciated Ieva Dosinaitė for her strong expertise, efficient work, and high-quality results, noting her ability to share knowledge and work at a quick pace.
Liga Merwin has been recognized for her responsiveness, reliability, and readiness to provide support whenever issues arise.
Following these nominations, both lawyers have been included in the Thomson Reuters Stand-out Lawyers database, a global resource used by corporate legal departments to identify trusted, peer-recommended legal advisers.
This recognition reflects the trust our clients place in our team and the consistent commitment of our lawyers to delivering high-quality legal advice and practical solutions.
Congratulations to our colleagues on this well-deserved recognition.
Our colleagues the Head of Employment practice group Irina Rozenšteina and Sworn Attorney Ints Skaldis successfully represented an employer – a company operating in the financial services and debt management sector – in a complex dispute concerning the legality of an employment termination and a claim for moral damages.
The employee, a senior-level manager, challenged the liquidation of his position during a corporate reorganisation and sought reinstatement, compensation for average earnings, and moral damages. During the proceedings, several witnesses were heard, and the reorganisation process – both within the company and at the wider group level – underwent extensive examination.
Both the first-instance and appellate courts upheld the employer’s actions as lawful and justified, and the Supreme Court refused to initiate cassation proceedings. As a result, the appellate court judgment has entered into force.
The courts confirmed several important principles regarding employers’ rights and obligations in the context of reorganisations:
Business organisation is within the employer’s autonomous competence, not a matter of employee interpretation. The employer has the exclusive right to determine the optimal organisational structure, its scope, implementation model, and timing.
Reorganisation may be implemented gradually, including at the group level. At the time of giving notice, the employer is not required to present all future structural changes or planned units – only to provide a justified explanation for the liquidation of the specific position.
An employer must offer only those vacant positions that the employee is actually qualified and competent to perform. A clear and objective justification is sufficient as to why other positions are not suitable for that employee.
Chambers & Partners has published the Chambers Global Guide 2026, once again recognising Ellex among the leading law firms in the Baltics in Corporate/Commercial and Dispute Resolution.
The 2026 results reflect the strength of Ellex as one integrated Baltic team, combining top-tier department rankings with broad individual recognition across Estonia, Latvia and Lithuania.
Across the Baltics, Corporate/Commercial practices are ranked in the top bands – Band 1 in Estonia and Lithuania and Band 2 in Latvia, while Dispute Resolution holds Band 1 positions in all three jurisdictions. In total, 27 Ellex lawyers are individually recognised. These results reflect Ellex’s continued leadership in complex cross-border transactions and high-stakes disputes across the region.
The rankings also demonstrate exceptional depth of talent. Multiple partners are recognised in Band 1, alongside distinctions such as Eminent Practitioner, Senior Statespeople, Band 2-4 rankings, as well as Up and Coming and Associates to Watch recognitions. This individual recognition highlights not only our established market leaders, but also the next generation of legal talent shaping the future of our firm and the region.
A ranking in the Chambers Global Guide is based on extensive independent research and client feedback across more than 200 jurisdictions worldwide, and is regarded as a benchmark of excellence in the legal profession. The 2026 results reaffirm Ellex’s commitment to delivering strategic and client-focused legal solutions across the Baltics.
You can explore the full Chambers Global Guide 2026 rankings HERE.
In early February 2026, the Riga Regional Court (as the court of appeal) adopted a final decision in favor of our client in proceedings on proceeds of crime. The court dismissed the investigator’s appeal and the prosecutor’s protest, upholding the first-instance court’s (Economic Affairs Court) decision to terminate the proceedings and recognizing that the funds seized in the client’s ABLV Bank account (approximately EUR 700,000) are not of criminal origin.
This is yet another victory for our client in this category of cases. Senior Counsel Roberts Rimša successfully represented the client in both court instances.
Ellex received highest recognition in Intellectual Property rankings by World Trademark Review. The guide particularly highlights the team’s work in enforcement and litigation.
In Estonia, WTR notes the team’s long-standing experience across IP, IT and telecoms. The practice is led by Ants Nõmper, recognised for his strategic approach and consistent results, especially in life sciences. Mari Must, one of two attorney-at-laws qualified also as an Estonian and European trademark attorney, is commended for her comprehensive trademark strategies and her recent success for Cult Beauty in complex revocation proceedings.
In Latvia, the guide underlines Ellex’s strong litigation capabilities. With nearly three decades of experience, Mārtiņš Gailis is noted for his confident handling of high-profile disputes and clear strategic direction. Edvijs Zandars, recognised for his work at the intersection of IP and IT, is valued for shaping precise strategies in technically complex infringement matters.
In Lithuania, Rūta Karpičiūtė is recognised for her work on multijurisdictional matters and her insight into regulated industries. Her ability to guide clients through intricate disputes, especially in life sciences’ industry, reinforces Ellex’s longstanding reputation in the IP field.
At Ellex, we help clients see further, protecting their brands with clarity and long-term perspective across the Baltics.
World Trademark Review is the world’s only independent daily news and information service dedicated exclusively to reporting on trademark issues for in-house and private practitioners internationally.
WTR 1000 is a unique guide that identifies the top trademark professionals in key jurisdictions around the globe. The WTR 1000 focuses exclusively on trademark practice and has firmly established itself as the definitive ‘go-to’ resource for those seeking world-class legal trademark expertise.
