We are pleased to announce that Marta Cera has been appointed to Partner at Ellex in Latvia as of 1st January 2026, further strengthening the firm’s management team.
In her new position, Marta will continue to co-lead the firm’s banking and finance practice group with the aim of promoting further development of the practice group and strengthening its position in the Baltics.
Marta has become highly regarded expert in cross-border financing transactions, capital market transactions, and financial regulatory matters. Marta also frequently provides legal assistance in M&A transactions involving significant financing aspects. Marta has developed the firm’s investment fund practice and serves as a member of the board of the Latvian Private Equity and Venture Capital Association.
International legal services market research agencies Legal 500, IFLR 1000 and Chambers & Partners rank Marta Cera among the leading experts in banking and finance law in Latvia.
“Marta’s appointment reflects her exceptional track record and the trust our clients place in her. Her many years of experience in banking and finance, combined with her strategic vision for our firm, make her an invaluable addition to our partnership. I’m excited to see her continued leadership as we strengthen our position across the Baltics.” – Liga Merwin, Managing Partner at Ellex in Latvia.
Congratulations, Marta, on this well-deserved milestone!
Starting January 1, 2026, Ellex in Estonia has its own head of the intellectual property (IP) practice – Mari Must.
Mari Must has more than 20 years of experience handling both contentious and non-contentious IP matters. In Ellex Raidla she manages complex cross-border IP projects, representing clients in IP litigation, revocation and opposition proceedings, and advising both global companies and local businesses on IP rights management, IP due diligence, IP commercialization, and contract negotiations. She is one of the two attorneys in Estonia with dual qualifications: attorney at law and trademark attorney. She was also the first registered representative before the Unified Patent Court from Estonia. Since 2012, Mari Must has served as a member of the Estonian Domain Name Dispute Committee, where she has adjudicated numerous domain name disputes. She contributed to the establishment and launch of the Chamber of Estonian Patent Attorneys in 2019, initially serving as Vice-Chair and now re-elected as a Board Member.
„Our goal is to be there for our customers with IP knowledge and long-term experience to support our clients achieving their goals. As a large firm, we can provide specific IP advice, which is supported by the know-how of transactions, dispute and other practice groups at Ellex Raidla. As IP concerns both international and Estonian small businesses, flexibility is the keyword for us. We are generally reached by IP-aware customers, but according to the latest surveys, the general awareness of IP among Estonian companies is rather low. The state has set the goal of changing this, so we see great potential in the IP field. “
Read more about our intellectual property practice group HERE.
The legal profession never stands still, and neither do we. Developments in the legal market, evolving client expectations, and a changing economic and social environment require law firms to adapt over time. At Ellex Estonian office, a new generation of talented lawyers is emerging – professionals we believe will write the next chapters of Estonia’s legal history. Over the past year, we have reviewed and updated both career model and the principles governing our partnership.
Our focus is now even more clearly on people – the experts who represent our greatest value. Our team consists of legal nerds who refuse to settle for mediocrity and for whom there is no such thing as an “ordinary case.” They speak directly, work efficiently, and keep their attention on what truly matters to the client.
According to Managing Partner Martin Mäesalu, leading a law firm also requires constant adaptation: “The environment in which we operate is changing rapidly. Legal services themselves are undergoing the most significant transformation in a generation. Our management approach and working methods must evolve in step with these changes. We are a passionate team united by deep commitment to our field – something we feel instinctively, even without saying it aloud. Yet, to preserve our DNA, we must articulate it, especially in times of change. Our goal is to remain, year after year, a professional home for Estonia’s best lawyers. Ellex is a community of legal enthusiasts. This cannot be just a slogan – it must be a high standard, supported at every stage of a career and, when necessary, by renewing the principles of partnership itself.”
To broaden opportunities, we have updated our partnership model. One of these changes is creating the associate partner position starting from the new year. We see this as the final step for those moving toward full partnership.
Merlin Liis-Toomela, newly appointed associate partner, commented: “I am deeply grateful for this trust. Ellex is Estonia is a leading law firm with a long history, which has successfully evolved over time and is now undergoing a natural generational shift in both management and partnership. Expanding the partnership model demonstrates readiness to look ahead and remain at the forefront in Estonian legal services market. This is particularly important in fast-developing areas such as IT and data protection, where the legal environment, technology, and client expectations are constantly changing.
Such steps send a clear signal to younger colleagues – that through dedication, professionalism, and shared values, it is possible to grow and take on greater responsibility. For me, the role of associate partner primarily means increased responsibility and motivation to set new goals for myself, my team, and the entire firm, so that we can provide clients with clarity and confidence in a complex and rapidly changing legal landscape.”
Rutt Värk added: “I have worked in transactions advisory for over 15 years, a journey marked by both challenges and opportunities. Clients and their trust have made it possible to work on significant matters, but equally important has been the team with whom we achieve more together. At Ellex, there are exceptional people, a supportive culture, and a partnership that encourages development – all of which make the work genuinely enjoyable. Transactions’ work is dynamic, and every project brings something new, keeping the work consistently engaging. The associate partner role gives me the opportunity to contribute even more to client matters as well as to the development of the firm and our team. I am pleased to take this step and see what comes next.”
Alla Kuznetsova: “This new role represents recognition of my work, along with greater responsibility and the opportunity to contribute more actively to Ellex’s strategic development. It allows me to grow alongside people I truly value. I am grateful to my team, colleagues, partners and our clients for their trust and support. Ellex in Estonia is a firm where clients feel secure and where leading lawyers can focus on the practice of law that inspires them. I am pleased to contribute to our shared success.”
Ellex dispute team has been recognised among the best litigators across the Baltics, receiving the highest ranking in Benchmark Litigation Europe 2025 Guide. The results reflect months of research into the most significant cases and practitioners in Europe, highlighting our expertise and clients’ trust.
As the most extensive team in the Baltics, we can join forces and bring broad sector knowledge and deep legal experience to support clients in even the most complex litigation and arbitration matters.
Benchmark Litigation is the definitive guide to the world’s leading litigation firms and lawyers. It provides law firm and lawyer rankings based on extensive interviews with litigators, dispute resolution specialists, and their clients as well as analysis of the market’s most important cases and firm developments.
Chambers and Partners have released their FinTech 2026 rankings – Ellex in Estonia secures for the sixth consecutive year Band 1 position, and Ellex in Lithuania is holding its position for Band 1 for the second year in a row. The ranking reflects the team’s continued strength in advising on regulatory and compliance matters for a wide range of financial service providers and its strong focus and dedication to the Fintech sector.
This year marks a significant milestone in individual rankings: Anneli Krunks and Neringa Mickevičiūtė achieve new positions, with Anneli entering directly at Band 2 following her previous recognition as an “Associate to Watch,” and Neringa earning her first individual ranking at Band 3. Meanwhile, Marko Kairjak and Ieva Dosinaitė maintain their Band 1 positions.
Client feedback this year emphasizes three recurring themes – practicality, longstanding experience, and a deep understanding of clients’ business models. As one of our clients put it: “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 FinTech team advises broad range of Fintech companies from payment and e-money institutions, crowdfunding platforms, crypto-asset service providers to neo banks and technology companies operating in the financial sector. The team remains one of the largest specialised Fintech advisors in the region, supporting clients in navigating on an increasingly complex regulatory landscape.
Lexology has published its latest Arbitration Index, one of the most respected rankings within the global arbitration community. Ellex has also been recognised among the leading firms and awarded as Law firm of the Year 2026.
We are incredibly proud to have eight Ellex practitioners recognised across various categories – placing us among the strongest firms in arbitration.
Highly Recommended – Client Choice – Arbitration: Maria Teder
This year’s Lexology Arbitration Index includes more than 3,000 leading arbitration practitioners from 96 jurisdictions, with rankings based on peer feedback, client recommendations, and research submissions. The publication also introduces a new “Highly Recommended” category, recognising top specialists positioned between the Thought Leaders and Recommended tiers. “Client Choice” category is awarded to less than 90 individuals around the globe, solely based on the input from clients.
Starting from December, the largest law firm in Lithuania, Ellex Valiunas, is relocating to the newly opened “Jasinskio 2” business centre in Vilnius. The team of more than 170 employees will occupy the building’s three upper floors.
Located in the centre of Vilnius (J. Jasinskio st. 2), the A++ energy-class office building (designed by architect Saulius Pamerneckis, SP architektų grupė) will host nearly 3,800 square meters of Ellex Valiunas workspace – more than half of the building’s total office area. The interior of the new office (designed by Laura Janavičiūtė, Toma Bačiulytė, Jolita Kemėšytė, NOMO studija) reflects principles of sustainable architecture and features timeless, natural materials such as oak, stone, metal, and stone-dust plaster.
“Our new office marks a new chapter of our craftsmanship. We spent all 33 years of our operations in the Old Town – more than two decades in a beautiful late-19th – early-20th century building with stucco, tiled stoves, and of course, plenty of art. We were looking for a space that would remain central but offer greater sustainability, smarter solutions, and more convenience for us, our clients, and our guests. We like to joke that our new office, with its modernity and innovation, now fully reflects who we are and how we work. And our love of classical art – our art collection – will move with us into these modern office spaces,” says Rolandas Valiūnas, Managing Partner of Ellex Valiunas.
A part of the artwork from the previous office is also relocated into the new premises: 39 paintings and 5 sculptures from the collections of the Lithuanian Art Centre TARTLE. Among the pieces are works by Lithuania’s classical and modernist artists, ranging from the symbolist pastels of Kazimieras Stabrauskas (M. K. Čiurlionis’ teacher) to the expressive abstractions of Rimvidas Jankauskas-Kampas, as well as works by Kostas Dereškevičius, Antanas Gudaitis, Jonas Rimša, Antanas Samuolis, Algimantas Švėgžda, Kazimiera Zimblytė, and others. As in the previous office, visitors will be greeted by the nearly two-metre-tall bronze sculpture by Stanislovas Kuzma.
In designing the new office, great attention was given to employees’ well-being – every workstation features ergonomic, individually adjustable furniture; custom acoustic and lighting solutions; dedicated rest and childrens’ rooms; and numerous private spaces for conversations with colleagues and clients. A large top-floor terrace and an adjacent room boasting the office’s best views have been designed for employees, offering spaces for rest, socialising, and learning
“Progress is part of our work culture. This time, we are moving forward not only through the innovative solutions we create for clients and colleagues, but also physically. Still, the new office is more than just a physical space – it reflects our approach to colleagues, to our work, to the environment, and to the use of the latest technological solutions. This office has been designed so that people feel comfortable and at ease, and so that the workspace supports us in carrying out major and meaningful assignments for our clients – and for Lithuania as a whole,” says R. Valiūnas.
The “Jasinskio 2” project was developed by Aurochs Investments, a company related to the EIKA Group, while construction management was overseen by the real estate project management company EIKA Development. The investment in the project amounted to approximately EUR 34 million. The six-storey business centre includes 7,700 sq. m of leasable area and a two-level underground car park equipped with storage for bicycles and scooters, showers, changing rooms, as well as electric vehicle charging stations.
The project developers are seeking a BREEAM “Excellent” certification for the building. Ellex Valiūnas itself plans to use electricity generated by remote solar power plants.
Financial innovation has been challenging to predict. So far, 2025 has been a blend of carefully planned developments and unexpected twists. Commentary by Anneli Krunks, Head of FinTech, and Marko Kairjak, Partner at Ellex in Estonia.
Among the planned changes, the central focus has been on the cybersecurity reform known as DORA, with its new requirements taking effect at the beginning of 2025. With that the EU aimed to ensure that the European financial sector operates under robust rules to prevent data breaches and cyberattacks. The framework introduces obligations for risk assessment, testing, and continuous monitoring, as well as specific regulations governing the use of third-party IT service providers. If the reform is successful, Europe could emerge as a significantly safer environment for financial services compared to the US and Asia, contributing to broader security in light of current geopolitical trends.
Geopolitics has inevitably infiltrated also the financial sector, shifting the focus from early 2025 towards the independence of payment systems. We have previously assumed that the euro – and euro payments – are entirely under our control. However, the reality is that today most payments are made through phones and smartwatches running on US operating systems (Apple, Google) and frequently using US-origin cards (especially Visa, but also largely Mastercard). Beyond the fact that this sends our payment data overseas, it also poses significant systemic risks: a sudden policy shift in the US could disrupt our entire payment ecosystem. In response, Europe is exploring ways to strengthen autonomy in payments – primarily through the reform of payment services (PSD3/PSR) and the introduction of a digital euro. Therefore, it comes as no surprise that, following the test phase, the EU has decided to advance the digital euro project, aiming for it to become a usable payment method by 2029.
As anticipated, AI will significantly transform the financial services. It has become the most reliable evaluator of creditworthiness, an essential tool for detecting money laundering and terrorist financing risks, and a daily support in customer communication and various other aspects of service provision. At the EU level, the pressing question is whether the traditional financial regulatory framework remains suitable in the age of AI. As AI is the new norm – not just in finance – it is hoped that regulation and innovation will evolve in harmony.
This year has also reshaped the crypto sector, which is now regulated similarly to the rest of the financial industry through MiCAR. As a result, the first crypto-asset service providers have entered the market offering services consistently across all Member States. The EU has succesfully attracted both smaller market participants and major US firms into its single market. We have also seen growing interest from the traditional financial sector in offering crypto services, alongside established industries explore a more regulated and secure future for crypto-assets.
Finally, an ongoing challenge for the financial sector is the sheer volume of regulations, particularly affecting fintech companies. This issue has been acknowledged for over 15 years, yet no effective solution has been found. While certain areas have seen efforts to simplify regulations, new rules continue to surface almost daily, especially in the realms of payments and cybersecurity. Many of these requirements are highly technical – no longer resembling “rules” in the traditional sense – and demand specialised expertise. In this context, Estonia’s initiative to alleviate the regulatory burden in the financial sector is something worth watching closely.
On 18 November, the Estonian Bar Association issued its first information security certificate to Ellex Estonian office, recognising the firm’s commitment to high information security standards.
Growing cyber threats and tightening regulations require companies and institutions to pay increasingly thorough attention to information security. Ensuring information security is resource-intensive and requires consistent effort. As a result of a two-year process, the Estonian Bar Association obtained an international information security standard certificate this year, and from autumn 2025, the Bar Association will begin issuing information security recognitions to member firms, recognising those that have fully implemented the measures described in the Bar Association’s guidelines.
“The Estonian Bar Association’s information security standard is a regulation that takes into account the specific nature of law firms and meeting it was a challenge not only for the IT department, but also for management and the entire organisation. The work done provides confidence that client data is protected, and cyber threats are identified. However, you can never have too much security, which is why the recognition we have received is not the end of the journey, but only the beginning,” commented Ellex in Estonia Partner Ants Nõmper.
Ellex Estonian IT Manager Madis Toom adds: “The process of obtaining an information security certificate provides excellent insight into the strengths and weaknesses of a company’s management processes. It is a process that helps shape and improve the work of the entire organisation and make it more future proof. The certificate certainly makes it easier to initiate conversations that might otherwise remain in the background or, at worst, go unnoticed. In an environment of growing threats, it plays an invaluable role in enhancing the security of the entire company. Security, however, is not a destination to be reached, but an ongoing, daily, and responsible collective effort.”
On November 5, 2025, the IFLR1000 Central & Eastern Europe Rankings were announced, recognizing Ellex as one of the leading law firms in the region.
Ellex earned Tier 1 rankings in key practice areas and received the highest number of individual recognitions among Baltic law firms. More than 40 lawyers were recognized individually for their expertise.
Ellex in Estonia has been ranked Tier 1 in both of its evaluated practice areas – Financial and Corporate, and Project Development. In addition, 18 lawyers received individual recognition across multiple fields, underscoring the firm’s market-leading expertise:
Ellexaidla in Latvia has also achieved a Tier 1 ranking in Financial and Corporate. Eight lawyers have been recognized for their individual accomplishments:
Ellex in Lithuania continues to hold Tier 1 positions in Banking and Finance, Financial Services Regulatory, M&A, and Project Development. Capital Markets has been elevated to Tier 1 this year and 15 lawyers have received individual recognition:
The consistent recognition across all three Baltic jurisdictions reflects Ellex’s long-standing commitment to excellence in financial and corporate law, as well as the strength of its cross-border collaboration.
The IFLR1000 is one of the world’s leading guides to the top financial and corporate law firms and lawyers. The results are based on client feedback, peer review, and evidence of complex and high-value transactional work.
Siim Vahtrus has joined Ellex in Estonia as Counsel, contributing to the Regulatory Practice Group with a focus on environmental and planning law.
He brings extensive experience in advising both private and public sector clients, including state authorities and NGOs. He’s worked on projects ranging from commercial real estate to high-voltage transmission lines, from the transposition of EU legal acts to disputes on environmental permits.
Siim is most experienced in administrative and regulatory matters and a seasoned litigator having won several important cases in the Supreme Court of Estonia. At the same time, he also has recent experience with legal due diligence and M&A projects related to manufacturing and infrastructure companies as well as with successfully drafting and negotiating rental and construction agreements.
Siim is a co-author of several publications, including the legal commentary on the General Part of the Environmental Code Act and official guidance on Strategic Environmental Assessment (SEA) procedures.
In addition to his legal career, Siim has a strong background in argumentation and negotiations. A former Estonian debating champion, he was involved in debate training and public speaking for over a decade. He has trained officials, entrepreneurs, and local communities on topics related to argumentation, such as legal argumentation and rational negotiations as part of the team at SpeakSmart.
Siim sums up his approach to legal work as follows: “To be a great lawyer, you need to have three qualities. First, you must be passionate about your area of law. Second, you must always remain objective and not be carried away by your clients’ wishes or the mood of the moment. Third, know and admit your limitations to improve and overcome them. And to survive all this, a healthy sense of humor and not taking yourself too seriously is essential.”
Siim graduated from the University of Tartu School of Law in 2011 and began his career at the Estonian Environmental Law Center. He has since worked in two other top law firms in Estonia.
On Monday, October 20, a special event took place at the Latvian National Museum of Art – announcement of the Vija Celmins Foundation Grant Recipient. This year, the grant was awarded to artist Ieva Putniņa.
The grant, established by the world-renowned Latvian-born American artist Vija Celmins in collaboration with the Latvian National Museum of Art and Ellex in Latvia, is awarded annually to one Latvian artist or artist collective with a prize of USD 30,000. Its purpose is to provide substantial support for creative work and to promote art patronage in Latvia, enabling artists to work freely and develop their unique artistic vision.
This year, 85 artists and artist collectives applied for the grant. The jury, composed of art historian Elita Ansone, founder of the “Kim?” Contemporary Art Centre Zane Čulkstēna, and artists and curators Kaspars Groševs, Maija Kurševa, and Inga Meldere, selected 11 candidates, from which the grant recipient was chosen.
The grant is a long-term project that the foundation has committed to sustaining for ten years (2025–2034), providing stable and inspiring support to Latvian artists. Ellex in Latvia proudly continues its tradition of cultural patronage and supports this important initiative, strengthening the development of contemporary art in Latvia since 2017 in cooperation with the Latvian National Museum of Art.
The first-ever Legal 500 Central & Eastern Europe Awards took place in Warsaw, bringing together leading law firms and professionals from across the region. The evening marked a strong performance for Ellex, as the firm received 28 nominations and went on to win four awards across the Baltics.
The recognitions include:
Dispute Resolution – Firm of the Year (Lithuania) Energy – Firm of the Year (Lithuania) Giedrius Stasevičius – Lawyer of the Year (Lithuania) Martin Käerdi – Lawyer of the Year (Estonia)
The results highlight Ellex’s long-standing expertise in complex and high-value legal matters, as well as the depth of collaboration among its teams.
Associate Partner Rūta Jasilionė, representing Ellex, attended the ceremony and accepted the awards on behalf of the Baltic offices.
Ellex extends sincere appreciation to its clients for their continued trust and cooperation, which make such achievements possible.
TMF Group, a Dutch multinational professional services firm providing accounting, tax, HR administration, and global payroll services, has acquired 100% of the shares in UAB Nordgain.
Nordgain, part of the Noewe group, provides accounting, payroll, and tax return services in Lithuania and Latvia. The company is well recognized in the market for its professional standards and continuously growing client base, serving both local and international businesses.
This acquisition establishes TMF Group’s presence in the Baltic region and expands its service offering, allowing the company to deliver broader international expertise combined with local market knowledge. By integrating Nordgain’s experienced team, TMF Group aims to enhance efficiency and service quality for its clients in Lithuania and Latvia.
The transaction was supported by the Ellex Valiunas mergers and acquisitions (M&A) team, including Associate Partner Aleksandr Asovskij. The team advised the client on all legal aspects of the transaction, from due diligence and negotiations to signing and completion.
Ellex Valiunas M&A practice is among the most experienced and recognized in the Baltics, consistently advising on complex local and cross-border transactions across a wide range of industries.
Starting November 1, Lithuania will implement legal reforms that fundamentally change the way investment projects are carried out. Until now, more favorable conditions were reserved only for large-scale projects deemed essential for national security and defense. Such projects – like the planned 155 mm artillery ammunition factory by the German defense industry giant Rheinmetall – were able to launch construction without a building permit.
However, most investors faced serious bureaucratic hurdles, with the building permit process taking up to three years. The situation is now set to change dramatically: a “green corridor” will open not only for large-scale projects but also for Free Economic Zone (FEZ) companies, with the defense sector becoming the main beneficiary of the reform.
Large-scale projects and FEZ companies: faster start
Under the new framework, large-scale projects (at least €20 million investment and 150 jobs, or €30 million and 200 jobs in Vilnius) and FEZ companies will be allowed to begin construction without a building permit, only by notifying the authorities of the project start. Notification will require only the technical design, expert evaluation, and other mandatory documentation. This removes a significant administrative burden and enables projects to start much faster.
For the first time, FEZ companies will enjoy the same privileges as strategic projects. This makes Lithuania more competitive in attracting large investors seeking to rapidly realize manufacturing or technology expansion plans.
Defense industry: the biggest winner
Even more significant changes await defense and security projects. From now on, companies producing military equipment, armaments, vehicles, or other technologies critical to the armed forces will face much lower entry thresholds: just €1.448 million in investment and 20 jobs.
Most importantly, defense companies will no longer need a building permit – or even to notify authorities before starting construction. This means defense industry factories or technology centers in Lithuania can launch operations extremely quickly.
These conditions open the door to a much wider range of companies seeking to enter the defense sector. This is not only a matter of economic growth – it is a strategic strengthening of Lithuania’s security. Rapid project launches ensure that critical infrastructure, manufacturing, and technology capabilities will be available when they are most needed – both for NATO and for the Lithuanian Armed Forces.
Risks and responsibilities
Speed, however, does not mean reduced responsibility. Investors will still be required to conduct environmental impact assessments and comply with architectural and urban planning requirements. The possibility to start construction earlier shortens timelines but requires careful preparation to avoid frozen investments or legal disputes.
Strategic importance – for business and the state
The central focus of these reforms is defense. Yet the reform is not only a guarantee of national security but also a real economic opportunity. Businesses – particularly in manufacturing and technology – benefit by being able to start faster, cut bureaucratic costs, and compete for international contracts. With this new regulation, Lithuania sends a clear signal to investors: we are ready to host the most important projects that strengthen both our economy and our security.
