Scandinavia and the Baltics: Northern dark and light
The past year in the Scandinavian and Baltic markets has clearly divided firms: while some jurisdictions are reporting a change for the better, others are still firmly in the grip of the financial crisis. Although the robust Scandinavian market has generally fared better than the burgeoning Baltic one, there were notable exceptions. Struggling Baltics Both Latvia and Lithuania have been badly hit by the downturn, with the latter's 15% gross domestic product drop last year forcing the economy back into a downturn. The real estate market, and more recently the M&A market, have been hard hit across the region. However, the struggling economy has provided some work for those firms with strong banking and finance practices, as many look to restructure their businesses.
The Scandinavian and Baltic economies have experienced up-and-down market turns during the past year. Rhiannon Bury speaks to lawyers in the region about the effects on the legal sector and what they expect long term
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