Avance advises Aeromon and its shareholders in a transaction whereby the company is to merge with Intero – The Sniffers. Aeromon provides innovative airborne emission measurement services that help industrial companies quantify and manage their emissions, and the strategic combination establishes the most complete suite of emission detection, quantification, and management solutions available worldwide.

Avance advises Turun Teknologiakiinteistöt Oy in the acquisition of the historical Arken campus from the Åbo Akademi University Foundation for a purchase price of approx. EUR 43 million. Arken comprises 13 buildings, fully leased to the Åbo Akademi University under a 20-year lease.

Avance acts as counsel to Finnish construction company Lemminkäinen Corporation (listed on NASDAQ OMX Helsinki Ltd) in the divestment of its concrete business (Lemminkäinen Rakennustuotteet Oy) to Rudus Oy (part of the CRH plc Group). The transaction price is EUR 55 million, which will yield approximately EUR 20 million in capital gain. The Avance team was led by partner Mathias Lindqvist and includes Christoffer Charpentier (partner), Mikko Alkio (partner), Björn Söderblom (senior associate) and Anders Floman (associate).

Avance acts as lead counsel to Activeark Oy and its shareholders in the sale of a majority interest in Activeark to the JWT Group, which is part of WPP. Activeark is the largest digital agency in Finland and was selected as the agency of the year in 2012. Founded in 2003, Activeark is an international agency focused on creating remarkable user experiences. It has offices in Helsinki, London and Mumbai. This is one of the most significant European acquisitions for JWT in recent history. The Avance team was led by partner Ilkka Perheentupa and includes Björn Söderblom (senior associate) and Anders Floman (associate).

"Dedication is a mild word to explain the efforts the Avance team has put into this work. I thank Ilkka and his team for putting themself on the line, I love working with ambitious people", said Robin Bade, Founder of Activeark.

Avance acts as lead counsel to Gebr. Bellmer GmbH Maschinenfabrik in the purchase of the Projects business and the spare part and small projects businesses from Vaahto Paper Technology Oy, a subsidiary of Vaahto Group Plc Oyj. With the transaction Bellmer continues to strengthen its market presence as well as product portfolio in the paper machinery industry.

Avance advises Elenia Verkko Oy, a leading electricity network infrastructure provider, in the acquisition of Asikkalan Voima Oy from Lahden Energia Oy. Prior to the transaction, Asikkalan Voima was jointly owned by Elenia Verkko and Lahden Energia.

Elenia Verkko Oy is controlled by an investor consortium comprising GS Infrastructure Partners, 3i and Ilmarinen and holds the electricity distribution and district heating operations formerly provided by Vattenfall.

Avance acts as lead counsel to Komas and funds managed by CapMan (listed on NASDAQ OMX Helsinki Ltd) in the combination of Komas and Rautaruukki Corporation's (listed on NASDAQ OMX Helsinki Ltd) engineering division to create Fortaco. Fortaco is expected to generate a turnover of approx. EUR 270 million, have approx. 2,600 employees and be Europe's largest contract manufacturer for the mechanical engineering industry.

The Avance team consisted of Carl-Henrik Wallin, Ilkka Perheentupa, Christoffer Charpentier, Mathias Lindqvist, Mikko Alkio, Anders Floman and Topi Siniketo.

Avance acts as counsel to Vuokatti Superpark Oy in the negotiation of the licensing arrangements for the newly opened Angry Birds Activity Park with Rovio Entertainment Limited.

Avance acts as lead counsel to Sveafastigheter and its local asset management partners in the divestment of a 9,700 sqm city centre property in Lahti to YIT and the divestment of a 3,800 sqm property in Raisio to Raseko as well as the divestment of an office property in Kuopio.

Avance acts as counsel to Ektornet (part of the Swedbank group) in the sale to Niam of two multi-let office properties in the Helsinki Metropolitan Area. The two properties were constructed by NCC in 2006 and 2007 and have a total lettable area of 14,300 sqm.

Avance acts as lead counsel to Canatu Oy, a leading nanotechnology company commercializing carbon nanomaterial thin films for the electronics, optics and energy sectors, in its USD 12 million investment round led by Troika Ventures, Inventure, Infosto and Tekes. This was Canatu's third investment round since 2007.

n operation since 2008, Canatu is a spin-off from the Aalto University. Canatu’s business is the production and sales of a new class of versatile nanomaterial based films and components. Canatu has developed a novel form of carbon, namely NanoBud®, and a new way to directly produce high value components on any substrate from this material by Direct Dry Printing®. These technologies enable roll-to-roll manufacturing of 3D formed, bendable and flexible touch sensors for numerous applications.

Avance advises Keskisuomalainen Oyj in the acquisition of 98.5 percent of the shares in Suomen Lehtiyhtymä Oy, the fifth largest publisher of magazines and provider of printing services in Finland. As a result of the transaction, Keskisuomalainen will become the leading magazine and city newspaper group in Finland.

Avance advises Raisio Oyj in the creation of an R&D and IP joint venture with the world’s leading invention capital company Intellectual Ventures. The joint venture will develop and strengthen the intellectual property portfolio related to Raisio’s Benemilk® invention, a cattle feed supplement that improves milk production, and to commercialise the huge worldwide potential of this invention. The transaction will lead to Raisio having a majority ownership in the joint venture company while retaining an exclusive right to the invention and its future applications in Finland.

Avance advises ShopperTrak RCT Corporation, the world's largest counter and analyzer of retail foot traffic, in the acquisition of RapidBlue Solutions Oy. Based in Finland, RapidBlue Solutions is a leading European provider of retail data and analytics, transforming anonymous data into information and insights that retailers can use to manage the marketing, merchandising and operations of their businesses.

Avance advises Marlin Equity Partners as Finnish counsel in the acquisition of the optical networks business of Nokia Siemens Networks, completed on 6 May 2013. The newly formed company operates under the Coriant name and is a global supplier of optical transport solutions and software-defined, optical layer intelligence to Tier 1 networks. Marlin Equity Partners is a global private investment firm with over USD 1 billion of capital under management.

Avance advises Terveystalo in the acquisition of Hoffmanco International Oy, a company providing work ability management services and solutions.

Avance advises funds managed by Intera Partners in the sale of Delete Group Oy, a leading environmental services provider for the industrial, construction and real estate sectors in Finland, Sweden and the Baltics, to a new majority owner, Axcel.

Avance advises Ecocat International Oyj in the sale of its wholly-owned subsidiary Ecocat Oy, leading emission technology company based in Finland and operating in the market for catalytic converters, to Dinex A/S. Dinex A/S is a Danish-owned global manufacturer of complete exhaust systems.

Avance advises TMW Pramerica Property Investment GmbH in the sale of Moveres Business Park, a 10,084 sqm, LEED certified, multi-tenant office building located in Pitäjänmäki, to Saka Hallikiinteistöt Oy, a property investment company managed by the real estate team of Sampo Oyj.

Avance advises Bridgepoint in the sale of Terveystalo, a leading Finnish private healthcare provider, to EQT VI. Terveystalo offers occupational health and primary healthcare services including surgery at over 130 hospitals and clinics that cover 90% of the population in Finland. In 2012 Terveystalo’s revenues were EUR 455 million with an EBITDA of EUR 52.3 million. The group currently employs nearly 6,500 employees.

The core Avance team comprised of Ulf-Henrik Kull, Erkki-Antti Sadinmaa, and Rasmus Sundström.

Avance advises MB Funds in the sale of Norpe to the Viessmann group. Norpe is a leading provider of commercial refrigeration solutions and a market leader in the Baltic Rim area and the Nordic countries. In 2012, the Group's turnover exceeded EUR 130 million, and it has approximately 450 employees.

The core Avance team comprised of Ulf-Henrik Kull, Erkki-Antti Sadinmaa, Björn Söderblom and Sanna Kaistinen.

Avance advises Sagax (listed on NASDAQ OMX Stockholm) in the acquisition of five logistics and industrial properties located in Helsinki, Finland. The properties comprise approx. 100,000 sqm land area and approx. 34,000 sqm leasable floor area. Closing of the transaction is expected in the beginning of Q4/2013.

Avance advises General Electric Co. in its acquisition of Imbera Electronics Oy, a Finnish embedded electronic solutions developer.

The core Avance team comprised of Ulf-Henrik Kull, Ilkka Perheentupa and Topi Siniketo.

Avance acts as lead counsel for Alma Media Oyj (listed on the NASDAQ OMX Helsinki) in an arrangement where Alma Media and Monster Worldwide Inc. (listed on the NYSE) are combining their career services offering across Eastern Europe and the Baltics. The joint venture, Alma Career Oy, will have operations in Poland, Hungary, the Czech Republic, Slovakia, Croatia, Finland, Estonia, Latvia and Lithuania.

The International Tax Review (ITR) continues to recognize Avance’s Tax and Structuring practice in its 2026 edition of the ITR World Tax guide, which is a comprehensive directory of the world’s leading tax firms encompassing over 140 jurisdictions across all continents.

Avance has yet again achieved Tier 2 ranking in both the Tax controversy and Transactional tax categories, reflecting our team’s dedication to providing top-tier tax advisory services. Moreover, Avance maintained its Tier 3 ranking in General corporate tax and Indirect tax categories.

Our Partner Sebastian Kellas continues to be recognized as ‘Highly Regarded’ in the Real estate and Transactional tax, and our Senior Advisor Antti Leppänen is once again acknowledged as ‘Highly Regarded’ in Tax controversy. In addition, our Senior Associate Janina Järvi continues to be celebrated as a ‘Rising Star’ in Transactional tax and as a ‘Women in Tax Leader’. Our Senior Associate Anneli Nurminen receives her first recognitions as a ‘Rising Star’ in General corporate tax and a ‘Women in Tax Leader’.

Since our entry into the tax advisory market in early 2019, Avance has rapidly positioned itself as a distinguished player. We provide a broad range of tax advisory services with focus on private and public M&A transactions, due diligence, real estate transactions and property development, acquisition financing, tax controversy, tax audit assistance as well as financial services tax. Our tax services complement our ability to execute high-end transactions, equity and debt structures, and tax litigations processes.

Avance has once again been broadly recognized by IFLR1000, a guide to the world’s leading financial and corporate law firms and lawyers.

In the 35th edition (2025/2026), we achieved high rankings across all our ranked practices – M&A, Banking and finance, Capital markets and Project development.

Furthermore, 15 of our lawyers are recognized in their respective fields of expertise. In addition, Sari Wallgren is once again named as Women Leader.

Our intellectual property law expert Kati Rantala has been recognized in the 2025 edition of IP Stars by Managing IP as a “Rising Star” in the individual practitioner rankings.

IP Stars assesses and ranks both law firms as well as practitioners around the world in different IP practice areas. The specialist guide is intended for companies and individuals looking for experienced legal practitioners to deal with intellectual property issues. The Managing IP / IP Stars research, rankings and analysis provides independent and impartial accreditation across 151 jurisdictions. To learn more, please visit the IP Stars website here.

Avance has received the Impact Deal of the Year award at the International Tax Review (ITR) EMEA Tax Awards 2025 for advising KKR in its acquisition of a majority stake in Accountor Software, a leading provider of mission critical business software in Finland and Sweden.

The ITR EMEA Tax Awards was established in 2005 to recognize tax professionals and their practice accomplishments over a 12-month period. This year’s 21st annual awards highlighted the most distinguished tax and transfer pricing teams across 33 jurisdictions.

Since our entry into the tax advisory market in early 2019, Avance has rapidly positioned itself as a distinguished player. We provide a broad range of tax advisory services with focus on private and public M&A transactions, due diligence, real estate transactions and property development, acquisition financing, tax controversy, tax audit assistance as well as financial services tax. Our tax services complement our ability to execute high-end transactions, equity and debt structures, and tax litigations processes. Read more here.

The Finnish Supreme Administrative Court recently ruled that M&A transaction costs must be apportioned between the acquiring company (BidCo) and its owner, particularly in cases where a private equity (PE) fund establishes a Finnish company to act as the acquirer in an M&A transaction (BidCo).

‍Fully deductible VAT costs: VAT on advisory services related to the following services remains fully deductible by the BidCo:

• Drafting of the share purchase agreement;
• Securing BidCo’s own financing; and
• Planning of BidCo’s business operations.

Apportioned costs: Certain costs must be divided between BidCo and its owners (typically a PE fund), with BidCo being able to deduct VAT only on the portion of services directly benefiting its operations. These shared costs may, according to the ruling, include services related to following matters:

• Due diligence;
• Market research;
• Valuation services;
• Project management and deal structuring;
• Assessments of future prospects and industry risks;
• Closing-related services; and
• Regulatory approvals.

The taxpayer bears the burden of proof to demonstrate the benefit to the BidCo and the appropriate allocation of these costs. The ruling did not take any position on the proportional amounts that could be attributed to BidCo, i.e. the apportionment needs to be done based on objective criteria reflecting BidCo’s benefit of the services. This is expected to be a challenging task.

‍Non-ceductible costs: VAT on costs allocated to the owners of BidCo (PE fund) is not deductible for BidCo. These include, as a starting point, services related to following matters:

• Investment decisions of the PE fund;
• Planning of the group structure above BidCo level;
• Arranging the PE fund’s financing; and
• Drafting shareholders’ agreements.

For more information, please contact Sebastian Kellas, Antti Leppänen and Janina Järvi.

In the latest IAM Patent 1000 2025 rankings, Avance has maintained its position in the bronze category for Transactions. Additionally, Sonja Heiskala has once again been listed as a “Recommended” lawyer in the Transactions category for Finland.

The IAM Patent 1000 focuses exclusively on patent practice and has firmly established itself as the definitive ‘go-to’ resource for those seeking world-class legal patent expertise. To learn more, please visit the IAM website here.

Avance’s IP team advises clients on a broad range of intellectual property matters, including IPR related transactions, disputes, and strategy. With the experienced IPR litigator Kati Rantala having joined the team in May 2025, Avance is well equipped to assist also in IPR related litigation and arbitration. Read more here.

The Ministry of the Environment of Finland has published a draft government proposal for a new Land Use Act. One of the most significant proposals made therein concerns a statutory minimum distance from wind turbines to residential areas. The document also recognizes the need to increase the distance between wind turbines that follows from the increasing size of the turbines.

Most wind power projects in Finland are based on master plans that guide wind power construction. The current Land Use Act (132/1999) that regulates such plans does not include specific requirements on minimum distance from wind turbines to residential areas. Master plans are, however, subject to certain content requirements applied on a case-by-case basis, which are of relevance in the siting of wind turbines, including the distance to residential areas.

Under the draft proposal, the minimum distance between a wind turbine and an existing residential building, a residential building site with an approved building permit, or a site designated for residential use in a detailed plan would be eight times the turbine’s total height. For example, for a wind turbine with a total height of 250–300 meters, this would establish a statutory minimum distance of 2–2.4 kilometres, which exceeds the distance resulting from the application of the current criteria.

An important exception in the draft proposal is that the minimum distance requirement would not apply if the master plan is located in an area that is designated for wind turbines in a regional plan. Furthermore, deviation from the proposed minimum distance, when applicable, would be possible if all landowners and relevant rights holders within the proposed minimum distance provide their written consent.

While some stakeholders may welcome the proposed minimum distance, it has faced criticism from the wind power industry. Statements on the draft proposal can be submitted to the Ministry of the Environment until 11 July 2025.

As regards disputes over wind power master plans, the current Land Use Act provides that municipal appeals concerning plans that are significant for renewable energy production are temporarily processed on an expedited basis in administrative courts. On average, this may mean processing times of approximately 9–12 months in local administrative courts, and a similar timeframe in the Supreme Administrative Court, should a leave to appeal be granted. The current provision is valid until the end of 2028. The draft proposal would extend the validity of the provision until the end of 2032 and expand the scope of the provision also to plans that are significant for nuclear power production.

The draft proposal includes also various other changes that are not addressed herein, including modifications to planning procedures, rights of appeal, and provisions related to solar energy development. The final content of the proposed legislative changes and their implementation timeline remain subject to the ongoing legislative process.

For more information and advice in relation to renewable energy transactions, projects or disputes, please contact Sampsa Suominen, Minna Katajoki, Lotta Nahkala, Eeva Riivari and Antto Junkkari.

We are excited to announce that Kati Rantala joins Avance as a Specialist Counsel as of 19 May 2025.

With around 15 years of experience in intellectual property rights (IPR) and technology related matters, including complex IPR litigation in the Finnish Market Court and Supreme Court, as well as IPR related arbitration and prosecution, Kati’s arrival will further strengthen Avance’s services within IPR.

Kati Rantala’s expertise covers IPR infringement, annulment, and other judicial proceedings, as well as IPR registration and monetization. She advises clients in matters related to trademarks, patents, copyrights, designs, trade secrets, domain names and company names.

“We are delighted to welcome Kati to the team. Her experience with contentious IPR matters in particular will allow us to respond to an even broader range of clients’ IPR related needs, whether arising in connection with transactions, disputes, or other IPR-intensive assignments”, says Managing Partner Ilkka Perheentupa.

As part of the ‘Omnibus I’ package on sustainability, the so-called ‘Stop-the-Clock’ directive entered into force last week. It postpones the application dates of certain corporate sustainability reporting requirements under the Corporate Sustainability Reporting Directive (CSRD). Most notably, the entry into application of the CSRD has been deferred by two years for large companies originally scheduled to begin reporting in 2025, and for listed small and medium-sized enterprises (SMEs) that were expected to start in 2026.The updated application schedule is as follows:

• From 2024 onwards: Listed large companies with over 500 employees that were previously subject to the Non-Financial Reporting Directive. Reporting started in 2025.
• From 2027 onwards: Listed and non-listed large companies that exceed at least 2/3 of the following thresholds: MEUR 25 balance sheet, MEUR 50 net turnover and 250 employees. Reporting starts in 2028.
• From 2028 onwards: Listed small and medium-sized enterprises (SMEs). Reporting starts in 2029.
• From 2028 onwards: Non-EU companies that have an over MEUR 150 net turnover in the EU and a subsidiary or branch in the EU. Reporting starts in 2029.

Additionally, the ‘Stop-the-Clock’ directive delays the initial phase of implementation — targeting the largest companies — as well as the transposition deadline for the Corporate Sustainability Due Diligence Directive (CSDDD) by one year. Member States are required to transpose the ‘Stop-the-Clock’ directive into national law by 31 December 2025.Further changes are anticipated, as the EU intends to reach an agreement on substantive revisions to both the CSRD and the CSDDD, as proposed by the Commission within the broader ‘Omnibus I’ package on sustainability.

For more information, please contact Anders Floman and Saara Sorvaniemi.

Avance and its lawyers have once again achieved excellent rankings in The Legal 500, one of the most esteemed global ranking publications.

In the newly released EMEA 2025 edition, Avance maintains its market-leading (Tier 1) status in Banking and finance, Commercial, corporate and M&A, EU and competition, and Real estate and construction. We are further highly recommended in Capital markets, Dispute resolution, Intellectual Property, Tax, and TMT. Additionally, Avance has been singled out as a “Firm to Watch” in Employment. A total of 15 of our lawyers have received individual rankings for their standout contributions to their respective practices.

The highly positive client feedback includes the following:

“Very strong client-first mentality. A strong combination of technical legal know-how but still a pragmatic approach to complex issues. Very impressed by their proactive approach and hard work during the whole process.” (Commercial, corporate and M&A)

“Great commercial eye and knowledge. Able to represent the client's interest and think of relevant solutions to difficult issues. Prone to act with simple processes in mind.” (Real estate and construction)

“Experienced team, able to deliver on a wide range of finance transactions.” (Banking and finance)

“The team is highly competent, skilful, and customer orientated.” (EU and Competition)

“Avance's team is solution-oriented and thinks outside the box to find a solution that best suits the client. The client can always rely on the fact that they have the client's best interest in mind when providing guidance.” (Dispute resolution)

“The cutting-edge combination of high capabilities in tax law and understanding the client’s business. Based on this, Sebastian Kellas and his team provide solutions which not only solve the tax issue at hand but also fit the client’s business strategies. This is truly unique, and we highly appreciate this.” (Tax)

“Very good match of talented senior people and younger, hard-working, smart people. Avance is a modern practice with a very good reputation of being diligent, smart, and productive.” (TMT)

The Legal 500 is an independent guide, which assesses the strengths of law firms in over 150 jurisdictions. Their research is based on feedback from 300,000 clients worldwide, submissions from law firms and interviews with leading private practice lawyers, and a team of researchers who have unrivalled experience in the legal market. For more information, please visit The Legal 500 website.

Avance and its individual lawyers have once again demonstrated outstanding performance in the recently published Chambers Europe and Global Guides, renowned for their esteemed legal rankings.

Our Real Estate department, praised as “market-leading” with “unrivalled transactional expertise”, proudly remains the sole firm selected for top-tier (Band 1) inclusion. Similarly, our Corporate/M&A practice, acknowledged as a “powerhouse”, continues to maintain its long-standing Band 1 ranking.

Additionally, our Banking & Finance, Competition/European Law, Dispute Resolution, Energy & Natural Resources, and Tax practices have consistently received high rankings and praise from clients and peers. On International & Cross-Border Capabilities, “clients appreciate the team's top-quality support on international matters with a centre of gravity in Finland, and the law firm acts in both lead and local counsel roles for its global clients”.

A total of 16 of our experts have received individual rankings in the guides, showcasing their exceptional skills and dedication.

Below is a selection of testimonials provided by our clients and peers:

"Avance Attorneys is flexible, commercially savvy, good problem-solvers, diligent and take a holistic view of our operations in Finland." (Corporate/M&A)

"The team has solid experience handling the most difficult transactions. It is highly professional and has a diligent approach to all legal matters in question." (Real Estate)

"Avance is business-minded and focuses on the relevant matters with substance, and not get stuck with technical issues." (Banking & Finance)

"Avance is very experienced in the most challenging merger clearance cases in Finland." (Competition/European Law)

"It is a super strong practice. The lawyers are very diligent, excellent communicators, proactive and effective." (Dispute Resolution)

"It has a strong team of dedicated people with relevant experience." (Energy & Natural Resources)

"They provide a holistic view of transactions and strong discursive guidance on decision proposals. They have good knowledge of tax precedents." (Tax)

“Avance has a skilled and professional team able to handle fact-heavy matters in international arbitration.” (International & Cross-Border Capabilities)

Chambers and Partners is a leading independent professional legal research company operating across 200 jurisdictions. They deliver detailed rankings and insight into the world’s leading lawyers and law firms. Read more at chambers.com.

Avance has once again been ranked #1 for willingness to recommend in the overall All Tier 1 category in the Kantar Prospera Law Firm Review Finland 2025. In addition, Avance is also recognised as #1 for legal advisory, and #1 for strategic speaking partner in All Tier 1.

These results reflect our clients' high satisfaction and trust in our services, highlighting our commitment to delivering not only legal expertise but also strategic support tailored to our clients’ needs.

The Kantar Prospera Tier 1 Law Firm Review is widely recognized for its credibility in assessing client satisfaction across the Nordic legal market. In the All Tier 1 category, 216 Finnish-based organizations with an annual legal fee volume of at least EUR 150,000 were interviewed via telephone and email between 29 October 2024 and 12 February 2025.

Avance has once again been shortlisted as the National Law Firm of the Year (Finland) by IFLR Europe Awards 2025.

During the review period Avance advised e.g.:

• Summa Equity in the acquisition of the recycling and waste business of Fortum for approximately EUR 800 million;
• KKR on its agreement to acquire a majority stake in Accountor Software;
• Rettig Oy Ab and the consortium formed by certain affiliated funds of Apollo Global Management and Rettig in relation to the voluntary recommended public cash tender offer for all the shares in Purmo Group Plc;
• Canatu Oy and its shareholders and option holders in the de-SPAC combination of Canatu and Lifeline SPAC I Plc; and
• Retta Group and Altor Equity Partners in the sale of Retta Isännöinti to Odevo.

IFLR's awards focus on legal innovation, with a particular eye on innovation in cross-border transactions. Winners will be revealed at an awards ceremony on April 3 at the at the Royal Lancaster, London.

View the full shortlist here.

The EU’s Digital Operational Resilience Act (DORA) has become applicable from 17 January 2025 onwards. Designed to enhance the digital operational resilience of financial entities in the EU, the regulation aims to address the growing ICT risks which pose vulnerabilities to financial systems.

Under DORA, financial entities are obligated to establish a comprehensive ICT risk management framework. This includes strategies, policies, and procedures to protect information and ICT assets, ensuring the security and resilience of ICT systems, as well as processes for managing ICT-related incidents. This involves classifying incidents based on their impact and reporting major incidents, in the case of Finnish financial entities, to the Finnish Financial Supervisory Authority (FIN-FSA).

Financial entities must also maintain a register of their contractual arrangements with ICT service providers, which register may be requested by the supervisory authority. Regular testing of ICT systems and the risk management framework is required to identify vulnerabilities and ensure resilience, to establish consistency and align practices between Member States. Most financial entities (other than smaller entities) are also required to perform threat-led penetration testing (TLPT) of their critical and important functions at least every three years.

In addition to financial entities, DORA also has implications for their ICT service providers. Financial entities may only enter into contractual arrangements with ICT service providers that comply with appropriate security standards, and new contractual arrangements are always subject to due diligence and concentration risk assessments by the financial entity.

Furthermore, DORA sets out specific requirements for contractual provisions between financial entities and their ICT service providers, which requirements include provisions on subcontracting, integrity of data, service levels and termination rights. Requirements for contractual provisions are more rigorous where the ICT services support critical or important functions of a financial entity, such as an obligation for such service providers to participate in TLPT, and audit rights for the financial entities.

Certain ICT service providers will annually be designated by the European Supervisory Authorities as critical ICT service providers based on their systemic impact and importance to financial entities, and in accordance with the criteria set out in DORA. Such critical ICT service providers will be subject to an extensive oversight framework. The FIN-FSA estimates that the first critical ICT service providers will be designated in the autumn of 2025.

The implementation of DORA and the collection of technical standards thereunder have demanded significant efforts by financial entities. Ongoing compliance with the regulation will require continued work both on the side of financial entities and their ICT service providers. We are happy to discuss the implications of DORA. For more information, please contact Sonja Heiskala and Salla Suominen.

Avance’s Competition team has achieved the highest “Elite” ranking in the Global Competition Review’s GCR 100 2025, Finland edition.

Our competition team’s recent work includes handling complex merger control proceedings before the FCCA and advising on an alleged cartel currently under investigation by the FCCA. Our team also regularly advise clients on abuse of dominance investigations, competition law compliance, as well as public procurement and state aid matters. Beyond traditional competition law, the team excels in issues related to foreign direct investment in Finland, a topic that has gained significant importance in past years.

The GCR 100 is a guide to the world's leading competition law practices published by the Global Competition Review. See the full rankings here.

Season’s Greetings from the Avance team! We wish you all the best this holiday season and throughout the coming year.

This year we are donating funds to Médecins Sans Frontières, UNICEF, Hope ry and Baltic Sea Action Group.

Financial uncertainty is becoming a growing concern for businesses across various industries. Increasing payment difficulties and financial strain are no longer limited to smaller companies. Over the past two years, the number of bankruptcies in Finland has increased significantly, with little indication of immediate improvement.

In this challenging economic climate, boards of directors of limited liability companies face increased scrutiny regarding their actions and decision-making. When financial challenges arise, directors are expected to take proactive steps to identify and mitigate risks, adjust business strategies, and manage liquidity effectively to prevent financial distress. Clear and transparent communication with shareholders and creditors during this time is also essential to maintaining trust and minimizing the risk of disputes. This article offers a brief overview of these responsibilities in the context of Finnish corporate law.

‍Key aspects of board liability

‍The board of directors is responsible for overseeing the company’s administration and ensuring the proper organization of its operations (general competence). Under the Finnish Companies Act, board members are required to act diligently in the best interest of the company. The role of the board of directors becomes particularly critical during a liquidity crisis.

Failing to act in accordance with the duty of care may expose board members to personal liability for damage caused to the company. In addition, board members may also become liable towards third parties, such as shareholders, creditors, or contractual partners. This liability arises when, in addition to negligence, there has been a breach of a specific provision in the Companies Act or the company’s articles of association. In some cases, board members’ liability may even extend to criminal liability.

When a company approaches insolvency, directors’ duty to consider creditors' interests is emphasized. Directors must ensure that all creditors are treated fairly and equitably and avoid actions that could exacerbate financial difficulties. This includes refraining from taking on excessive debt, making high-risk investments or disposing of assets in a way that disadvantages creditors.

‍Best practices for directors

‍To effectively manage liability risks during financial challenges, directors should consider the following best practices:

1. Maintain robust oversight:

Regularly monitor the company’s financial position by holding frequent board meetings and conducting detailed reviews of cash flow, solvency, and liquidity.

2. Plan for contingencies and act decisively:

Develop and update contingency plans to address financial challenges. This may include securing financing, negotiating with creditors, and reassessing operational and financial risks. Timely and decisive actions can be critical in preventing further distress.

3. Document decision-making thoroughly:

Ensure that all decisions, particularly those addressing financial challenges, are based on informed evaluations (the business judgment rule) and are thoroughly documented. Finnish courts generally scrutinize board members' actions against the objective standard of a “prudent businessperson” in assessing liability, making proper documentation of decisions and underlying materials such as risk assessments a vital defense if the proper conduct of the board is later questioned.

4. Engage external experts:

When necessary, seek advice from auditors, legal counsel, or financial experts. External assessments not only enhance decision-making and risk assessment but also provide documented evidence of due diligence in fulfilling board responsibilities.

In times of financial uncertainty, proactive and informed governance is essential to minimize risks and navigate financial challenges. By maintaining rigorous oversight, adaptability, and transparency, boards of directors can steer companies through uncertain times while safeguarding their own positions against potential liabilities.

For more information, please contact Salla Suominen and Vilma Makkonen.

Avance’s Dispute Resolution Partner Ulla Vuokila has been appointed to the Board of the Arbitration Institute of the Finland Chamber of Commerce (FAI) for a three-year term beginning on 1 January 2025.

Ulla is an experienced practitioner within commercial and corporate arbitration and litigation. She serves regularly as arbitrator in various kinds of business disputes and in redemption proceedings, and she has experience in acting as a mediator in commercial disputes. Ulla advises clients in complex business disputes also in special courts and provides general corporate advice. She has also extensive experience in advising clients in compliance matters and internal investigations, including matters relating to corporate criminal liability.

The FAI is an autonomous arbitration body of the Finland Chamber of Commerce, providing arbitration and mediation services for resolving domestic and international disputes. The FAI does not itself resolve disputes but administers arbitration and mediation proceedings pursuant to its rules. The FAI Board appoints arbitrators and makes decisions in accordance with the FAI rules relating to pending arbitrations and mediations. The work of the FAI Board is led by the Chair and Vice-Chairs.

Read more on FAI’s website here.

Avance is pleased to announce the promotion of Valtteri Tapala and Jaakko Kuusimäki to the partnership, and Laura Kauppila to Specialist Counsel as of 1 January 2025.

Valtteri is a highly regarded expert in mergers and acquisitions, with a strong track record of advising on complex private equity and capital markets transactions across a wide range of industries. He has played a pivotal role in several high-profile deals in recent years. Valtteri is regularly praised by clients and peers for his exceptional project management skills. In addition to his transactional expertise, he advises clients on general commercial and corporate matters.

Jaakko has broad expertise in M&A transactions, as well as general corporate and contractual matters, with substantial experience in managing complex cross-border deals. Recently active in private equity and the technology sector, he has also been involved in several notable transactions within the infrastructure and real estate industries.

Laura is a distinguished specialist in Finnish and EU competition law, with a particular focus on merger control, and foreign direct investment screening. Her comprehensive experience includes several years at the Finnish Competition and Consumer Authority, where she played a key role in many of Finland's major merger control cases. Laura’s unparalleled expertise and thorough understanding of the regulatory landscape make her a trusted advisor to clients navigating complex competition law matters.

"On behalf of the firm, I’m proud to congratulate our newly promoted Partners and Specialist Counsel on reaching this significant milestone," says Managing Partner Ilkka Perheentupa. "Your exceptional skills, unwavering commitment, and dedication to delivering outstanding service to our clients have made a profound impact. Congratulations on this well-earned achievement, and we look forward to your continued success!"

In a public tender offer (PTO), the offeror seeks to acquire shares in a listed company, typically targeting all outstanding shares. If the offeror successfully acquires more than 90% of the target company’s outstanding shares, it obtains the right to redeem the remaining shares held by minority shareholders (the squeeze-out right). This right enables the offeror to become the sole shareholder and subsequently delist the company from the stock exchange. The process in which the squeeze-out right is exercised is known as “redemption proceedings”.

In January 2023, a notable amendment to the Finnish Companies Act came into effect, impacting the calculation of interest payable on redemption price in redemption proceedings. Alongside a significant rise in general interest rates, this legislative change has substantial implications for post-PTO redemption proceedings.

Previously, the law specified that the redemption price would accrue interest at the prevailing reference rate, as outlined in Section 12 of the Interest Act. However, as the applicable interest rate had been at zero for years, the Act was revised to include an additional 3 percentage points to the reference rate specified in Section 12 of the Interest Act. This adjustment aimed to address concerns that the prior rule unfairly disadvantaged minority shareholders, who often faced months of delay in receiving the redemption price without any interest. With the current reference rate of 4.5%, minority shareholders are now entitled to a total interest rate of 7.5% annually, marking a significant shift from the zero-interest era. With the Finnish PTO market remaining active, Avance has been closely involved in advising clients in these transactions as well as subsequent redemption proceedings, enabling us to observe firsthand the practical effects of the amendment.

As a result of the amendment, minority shareholders of listed companies subject to PTOs now receive risk-free interest income on their shares during post-PTO redemption proceedings. This may lead to some shareholders being less inclined to accept tender offers for their shares and potentially encourage arbitrage by certain market participants such as specialized hedge funds, potentially increasing the number of shareholders involved in post-PTO redemption proceedings. This, in turn, may lead to higher administrative costs borne by the majority shareholder (i.e., the PTO offeror). As for now, we have not seen any clear signs that the increase in the interest rate would have led to an increase in arbitrage activity or made it harder to reach the redemption threshold by (i.e., 90% of the outstanding shares of the target company) by a PTO, but this cannot be excluded in future cases.

Another practical implication of the change is that the redeemers have a clear interest to pay the undisputed part of the redemption price in the early phase of the redemption proceedings. During the proceedings, the arbitral tribunal generally confirms that the redeemer has a right to pay the undisputed part of the redemption price — typically equaling the PTO offer price — plus accrued interest, to minority shareholders at any time during the proceedings. To minimize interest accrual, redeemers are likely to opt to make these payments as early on as possible. This marks a shift from the zero-interest era, when minority shareholders in some cases had to wait months to receive payment for their shares (while noting that in many cases the redeemers opted to pay the undisputed price as soon as possible even in the zero-interest environment).

The long-term effects of this amendment on post-PTO redemption proceedings remain to be seen. Although the European Central Bank has recently lowered interest rates, which will affect the interest rate applied to Finnish redemption proceedings, the current landscape is still notably different from that of the pre-amendment period.

For more information, please contact Minna Katajoki, Rasmus Sundström, Robin Nordblad and Antti Aro.

A new Building Act which will enter into force on 1 January 2025 was adopted on 1 March 2023 during the previous parliamentary term. Upcoming major changes that were adopted already in 2023 include, e.g., measures to mitigate and track the carbon footprint of buildings. Also, the building permit (rakennuslupa), action permit (toimenpidelupa) and the notification procedure (ilmoitusmenettely) which apply to different kinds of projects under the current Land Use and Building Act will be replaced by a single building permit (rakentamislupa).Before its entry into force, the current Finnish Government, which was formed in June 2023, aims to make certain important changes to the new Building Act. The government proposal (HE 101/2024 vp) for these changes was published on 19 September 2024.Subject to the Parliament’s approval, the last-minute changes to the upcoming new Building Act include, for instance, the following:

• A new permit for clean transition industrial projects (puhtaan siirtymän sijoittamislupa) will be added to the law. With the new permit, certain industrial projects contributing to clean transition can be sited without a traditional zoning process. This aims to accelerate the commencement of such projects. Wind and solar power plants are not within the scope of the proposed new permit. The permit will also partially implement the so-called Net-Zero Industry Act (NZIA)
• A three-month processing time limit for building permit applications will be added to the law. However, a six-month processing time limit will apply to building permit applications for exceptionally demanding projects and permit applications for clean transition industrial projects. The processing time limits will enter into force in 2026.
• Originally in 2023, responsibility for the overall implementation and quality of a construction project was assigned to the principal contractor of the project (päävastuullinen toteuttaja). This has been feared to create ambiguities, for example, regarding responsibilities related to subcontracting in construction projects. Therefore, the statutory overall responsibility of the principal contractor will be removed from the new Building Act already before it comes into force.
• The rights of appeal for certain authorities and NGO’s will be reduced from the level set in 2023.
• The 2023 requirements on reporting climate impacts and materials used in construction projects will be softened and their entry into force will be postponed until 2026.
• The new law will be clarified so that temporary structures for, e.g., concerts and festivals do not require building permits.

When the new Building Act enters into force on 1 January 2025, the current Land Use and Building Act will lose most of its construction-related Sections, and the Act will be renamed accordingly (alueidenkäyttölaki). The remaining Sections, mainly concerning land use and zoning, will also undergo a complete reform in the coming years. The changes are a part of an ongoing comprehensive reform of the land use and building legislation in Finland.

For more information, please contact Henrikki Tahkokallio and Antto Junkkari.

Avance has once again been broadly recognized by IFLR1000, a guide to the world’s leading financial and corporate law firms and lawyers.

In the 34th edition (2024/2025), the firm achieved Tier 1 rankings for both M&A and Banking and finance in Finland, while also securing high rankings in the areas of Capital markets and Project development.

Furthermore, 14 partners of the firm are recognised in their respective fields of expertise. In addition, Sari Wallgren is once again selected as Women Leader.

Several of our lawyers have been elected as members of various legal expert teams of the Finnish Bar Association for a two-year term beginning on 1 October 2024.

This recognition underscores the expertise and commitment of our team members in shaping the future of legal practice across diverse fields. The Finnish Bar Association’s judicial policy statements are drawn up by the teams of legal experts and the members of the teams are also frequently heard by Parliament on legislative amendment projects.

Our representatives were selected for the following legal expert teams:

• Katja Jaakkola, Partner: Competition law
• Eeva Riivari, Senior Associate: Property and construction law
• Salla Suominen, Partner: Insolvency law (chair)
• Sebastian Kellas, Partner: Tax law
• Sonja Heiskala, Senior Associate: Technology, communication and data protection

Further information on the Finnish Bar Association’s committees and legal expert teams is available here (in Finnish).

The International Tax Review (ITR) has once again recognized Avance’s Tax and Structuring practice in its 2025 edition of the ITR World Tax guide, a comprehensive directory of the world’s leading tax firms covering over 155 jurisdictions across all continents.

Avance has achieved Tier 2 rankings in both the Tax controversy and Transactional tax categories, reflecting our team’s dedication to providing top-tier tax advisory services. Additionally, Avance received Tier 3 rankings in General corporate tax and Indirect tax, with the latter marking our debut in this category.

Partner Sebastian Kellas continues to earn recognition as ‘Highly Regarded’ in the Real estate and Transactional tax. Antti Leppänen, is again named ‘Highly Regarded’ in Tax controversy, while Senior Associate Janina Järvi is celebrated as a ‘Rising Star’ in Transactional tax.

Since our entry into the tax advisory market in early 2019, Avance has rapidly positioned itself as a distinguished player. We provide a broad range of tax advisory services with focus on private and public M&A transactions, due diligence, real estate transactions and property development, acquisition financing, tax controversy, tax audit assistance as well as financial services tax. Our tax services complement our ability to execute high-end transactions, equity and debt structures, and tax litigations processes.

The landmark Corporate Sustainability Due Diligence Directive entered into force on 25 July 2024 establishing legally binding standards for large companies to address their environmental and human rights impacts, both within the EU and globally. The Directive empowers authorities to sanction companies failing to meet their obligations - including fines of up to 5% of the companies’ global turnover.

The Directive applies to

• Large EU companies: > 1000 employees and > EUR 450 million turnover (net) worldwide.
• Large non-EU companies: > EUR 450 million turnover (net) in EU.

Companies are obligated to

• identify and assess adverse human rights and environmental impacts;
• prevent, mitigate and bring to an end or minimize such adverse impacts; and
• adopt and put into effect a transition plan for climate change mitigation which aims to ensure compatibility of the company’s business model and strategy with limiting global warming to 1.5 °C in line with the Paris Agreement.

Finland has until 26 July 2026 to transpose the Directive into its national law. The largest in-scope companies should be ready to comply with the Directive a year later in July 2027, while full application will commence three years later in July 2029.

For more information, please contact Anders Floman and Saara Sorvaniemi.

We are pleased to announce that Avance has been shortlisted for the International Tax Review EMEA Tax Awards 2024 in the category “Indirect Tax Firm of the Year”.

The ITR EMEA Tax Awards have taken place annually since 2005 and recognise remarkable achievements and developments by international tax professionals from Europe, Middle East and Africa over a 12-month period. Winners will be announced at awards gala on 18 September 2024 in London.

The full shortlist is available on the ITR website.

Read more about our Tax and Structuring team here.

Avance Partner Minna Katajoki has authored an article for Defensor Legis (No. 2/2024), a law journal published by the Finnish Bar Association since year 1920.

The article discusses the implications of the Artificial Intelligence Act (AI Act) on arbitrators who use AI systems in commercial arbitrations conducted in accordance with the Finnish Arbitration Act (967/1992) or the Arbitration Rules of the Finland Chamber of Commerce (FAI Rules). It finds that arbitrators using AI systems in this context are considered as 'deployers' under the AI Act. Should the deployed AI systems be classified as high-risk, the AI Act imposes particular obligations on the arbitrators. The article explores how it is determined whether an AI system is considered as high-risk, and what are the main obligations associated with the use of high-risk AI systems. Finally, potential consequences of non-compliance with these obligations are briefly addressed. The article is intended to spark discussion on this topical matter and offer some insights into how arbitrators might navigate the forthcoming regulatory landscape and ensure that they are respecting parties' fundamental rights when embracing new technologies.

The full article is available in Finnish here, and the English translation can be found here.

For more information, please contact Minna Katajoki.

Avance makes its debut in the 2024 edition of IAM Patent 1000: The World’s Leading Patent Professionals. Avance is ranked in the bronze category for Transactions, and Sonja Heiskala is once again recognised as a "Recommended" lawyer in the Transactions category (Finland).

The IAM Patent 1000 focuses exclusively on patent practice and has firmly established itself as the definitive 'go-to' resource for those seeking world-class legal patent expertise. To learn more, please visit the IAM website here.

Avance’s IP team advises clients on a broad range of intellectual property matters, including the development, protection, licensing, acquisition, and assignment of intellectual property rights and technologies as well as related dispute resolution. Members of our team also provide counselling on trade secret and data law, regulatory matters related to information and communications technology, e-commerce, and consumer and advertising law. In addition, we advise clients on employment related intellectual property matters, including employee invention and trade secret disputes, as well as strategic management of intellectual property and trade secrets in the employment context. Read more here.

Avance and its individual lawyers have once again been highly ranked in The Legal 500, one of the most reputable global ranking publications.

In the newly released EMEA 2024 edition, Avance maintains its Tier 1 rankings in Banking and finance, Commercial, corporate and M&A, EU and competition, and Real estate and construction. We are recommended in Capital markets, Dispute resolution, TMT, and Intellectual property. Avance has also been recognized as "Firms to Watch" in Tax.

In addition, a total of 15 of our lawyers received individual rankings for their standout contribution to their respective practices.

The very positive client feedback includes the following:

"Excellent market knowledge. Partners are very easy to reach and discuss issues with. What they are typically better at vs competitors is being very commercial and being able to support beyond legal discussions and trying to find solutions." (Commercial, corporate and M&A)

"The strongest Real Estate practice in terms of senior capacity. Partner level assignment handling secures consistent high quality. Pleasant to work with." (Real estate and construction)

"The essential strengths of the team are its flexibility, efficiency and dedication. As a client, we appreciate the stability of the relationship and the long-term relationship built with the team. Due to this advantage, their lawyers understand the client’s financial structure and history very well and it makes the collaboration very easy." (Banking and finance)

"They are very good with the Finnish market regulation and work a lot with M&A, IPOs and P2P transactions. Deep knowledge of bonds, listed and private. Available, hardworking and fast in delivering hefty documentation turns. Approachable and very nice to work with." (Capital markets)

"Avance has established a highly dedicated team. In the court preparations and proceedings, they have full overview of all details in a complicated fact-heavy matter." (Dispute resolution)

"The Avance team has exemplary performance and competence for equity rounds and especially for start-up and growth companies. They do not only provide legal services, but are able to consult and advice on business perspectives as well." (TMT)

"The advice and support that Avance provides on IP matters is phenomenal – you feel that you are in good hands." (Intellectual Property)

The Legal 500 is an independent guide, which assesses the strengths of law firms in over 150 jurisdictions. Their research is based on feedback from 300,000 clients worldwide, submissions from law firms and interviews with leading private practice lawyers, and a team of researchers who have unrivalled experience in the legal market. For more information, please visit The Legal 500 website.

Avance and its individual lawyers continue to demonstrate exceptional performance in the recently published Chambers Europe and Global Guides, esteemed publications renowned for their legal rankings.

Once again, our Real Estate department, hailed as "market-leading" with “unrivalled transactional expertise” is the sole firm selected for top-tier (Band 1) inclusion. Similarly, our Corporate/M&A practice, recognized as a “powerhouse”, maintains its long-standing Band 1 ranking.

Furthermore, our core practice areas, including Banking & Finance, Competition/European Law, and Energy & Natural Resources, are highly ranked and receive praise from clients and peers. Our expanding Tax practice also enters the rankings this year. Additionally, our International & Cross-Border Capabilities are duly recognized.

Below is a selection of testimonials provided by our clients and peers:

“Avance stands out from the rest of the market.” (Corporate/M&A)

"The team had an excellent service level, and were very quick and good quality in all responses." (Real Estate)

“The team has a very high level of expertise. The lawyers demonstrate short response times and a proactive approach.” (Banking & Finance)

“The team is very client-oriented, flexible, solution-oriented and wants to find the best solution for us.” (Competition/European Law)

“They were able to handle the work very well, easy to reach and very proactive in terms of commercial implications.” (Energy & Natural Resources)

"Avance's team has a great ability to explain complex issues in layman's terms and the implications of different scenarios." (Tax)

“We are very impressed with Avance's handling of work in a professional and dedicated manner.” (International & Cross-Border Capabilities)

In addition, a total of 16 of our experts received individual rankings in the guides.

Chambers and Partners is a leading independent professional legal research company operating across 200 jurisdictions. They deliver detailed rankings and insight into the world's leading lawyers and law firms. Read more at chambers.com.

Partner Asko Lindqvist has been selected as the exclusive winner of the Lexology Client Choice Award for Competition in Finland.

“This esteemed recognition carries profound significance as it is exclusively derived from feedback provided by our esteemed clients. I wish to extend my heartfelt gratitude to our clients for entrusting us and expressing their appreciation. I am truly thankful for this acknowledgment and eagerly anticipate further opportunities to exceed expectations and thrive in the future”, says Asko.

Established in 2005, Client Choice recognizes those law firms and partners around the world that stand apart for the excellent client care they provide and the quality of their service. The criteria for this recognition focus on an ability to add real value to clients' business above and beyond the other players in the market. Uniquely, law firms and partners can only be nominated by corporate counsel. Read more here.

We are very excited to announce that Mari Mohsen joins Avance as a Partner as of 19 March 2024.

“Mari is a leading expert and a star in employment law and we’re thrilled to welcome her to the team. With her experience and competence, we are able to respond to a very broad range of clients' needs for HR and employment-related services”, says Managing Partner Ilkka Perheentupa.

“Her extensive background further strengthens our ability to provide our clients with top notch advice, as employment-related matters are important in many areas like M&A, IP, data privacy, incentives, and taxation where we already have market-leading expertise”, says Head of M&A Erkki-Antti Sadinmaa.

“Mari brings excellent depth to the expertise of our dispute resolution team, not only in matters relating to complex employment law related disputes, but also in corporate compliance and investigations, including advisory in whistleblowing procedures”, says Partner Ulla Vuokila.

Mari will advise clients on a wide variety of employment-related matters such as corporate restructurings, cooperation procedures, collective bargaining agreements, service and executive employment contract issues, termination of employment as well as questions related to occupational health and safety matters. Additionally, Mari supports clients in internal investigations and other workplace-related non-compliance matters. Mari has also extensive experience in relation to employment and labour law related disputes and criminal matters. Her previous experience includes e.g. working in the Finnish Labour Court and the Helsinki Court of Appeal. She has also served as a member of the Labour Council and acted as a long-term secretary of the Finnish Employment Law Association.

“There is simply no employment law-related question that Mari would not have an excellent answer to.” – Chambers Europe 2023

In the recently published Prospera Tier 1 Law Firm Review 2024, Avance maintains its strong position as the clear #1 among all law firms in Finland in terms of clients' willingness to recommend the firm to other potential clients.

"We are thrilled to be recognized again by our clients. We owe this continued success to our talented team members and the unwavering trust placed in us by our clients”, says Managing Partner Ilkka Perheentupa.

In the overall ranking, All Tier 1, Avance ranks #3 in overall performance and as #1 law firm in Finland in the following key categories:

• Legal advisory
• Business minded
• Strategic speaking partner
• Client understanding
• Personal contacts
• Availability & service
• Project staffing
• Project management
• One firm experience

The Prospera Law Firm Review, renowned for its credibility in assessing Nordic client satisfaction, conducts interviews with over 200 Finnish organizations' top executives, including CEOs, CFOs, partners, corporate lawyers, and other senior management personnel.

For the third year in a row, Avance receives the “Excellence in Client Relations” award in Regi’s Law Firm of the Year 2023/2024 Finland study. The Excellence in Client Relations nomination is given to law firms that excelled in the Customer Satisfaction Index (CSI) part of the study consisting of 14 different criteria. With 1,300+ responses from Finland and Sweden, this recognition reaffirms our commitment to exceptional client experiences.

Regi is an independent research consultancy, founded in Stockholm 1997. For more information, please visit law.regi.se.

Avance has received the Impact Deal of the Year award at the International Tax Review EMEA Tax Awards 2023, for the firm’s tax advisory role in advising DoorDash, Inc. in its acquisition of Wolt Enterprises Oy in an all-stock transaction. Avance represented DoorDash in collaboration with Wilson Sonsini Goodrich & Rosati and Allen & Overy LLP.

The ITR EMEA Tax Awards have taken place annually since 2005 and recognise remarkable achievements and developments by international tax professionals from Europe, Middle East and Africa over a 12-month period.

Joining the tax advisory market in early 2019, Avance has quickly become an established player. We provide a broad range of tax advisory services with focus on private and public M&A transactions, due diligence, real estate transactions and property development, acquisition financing, tax controversy, tax audit assistance as well as financial services tax. Our tax services complement our ability to execute high-end transactions, equity and debt structures, and tax litigations processes. Read more about our Tax and Structuring team here.

Avance has once again been recognized by IFLR1000, a guide to the world’s leading financial and corporate law firms and lawyers. In the 33rd edition (2023/2024), the firm achieved Tier 1 rankings for both M&A and Banking and finance in Finland, while also securing high rankings in the areas of Capital markets and Project development. Furthermore, 15 partners of the firm are recognised in their fields of expertise. Sari Wallgren and Selinda Näse are additionally named as Women Leaders in the sixth annual publication of IFLR1000 Women Leaders.

The feedback includes the following:

"Always available and fast, they take the time to know the customer very well and therefore are able to provide extremely well-informed advice." – Banking and finance

"Prompt and professional." – M&A

"Timely delivery, high quality of work (minimal amount of errors), deep knowledge of complex area of law." – Capital markets

"Good advice, work ethic and outcome-oriented approach." – Private equity

"Avance is flexible, efficient and oriented to find best reasonable solution." – Project finance

For more information visit the IFLR1000 rankings here.

The Finnish Supreme Administrative Court confirmed today that a Finnish company can be transferred under a US parent tax neutrally through a merger procedure. The court also confirmed in another case that a traditional exchange of shares transaction is regarded as a taxable sale when the shares in a Finnish company are transferred to a US company. As a conclusion, a “Delaware flip” needs to be carried out by way of a merger in order to benefit from a tax deferral in Finland.

The court case dealt with a share flip to the US, but the same is possible with other countries, e.g., the UK and Switzerland. Moreover, as the merger method is beneficial with respect to transfer taxes, it might be a better option than the exchange of shares within EU countries as well.

For more information, please contact Sebastian Kellas and Antti Leppänen.

International Tax Review (ITR) has once again recognized Avance’s Tax and Structuring practice in the 2024 edition of the ITR World Tax guide, a comprehensive directory to the world’s leading tax firms. It provides rankings and profiles of the most effective tax practitioners in the world, covering more than 140 jurisdictions located on every continent.

Avance receives Tier 2 rankings in the General corporate tax, Tax controversy and Transactional tax categories. Partner Sebastian Kellas continues to be recognized as ‘Highly Regarded’ in the Real estate and Transactional tax categories. Antti Leppänen, who joined Avance’s tax team as Senior Advisor in November 2022, is recognized as ‘Highly Regarded’ in ‘Tax controversy’ and Senior Associate Janina Järvi enters the rankings as a ‘Rising Star’ in Transactional tax.

Joining the tax advisory market in early 2019, Avance has quickly become an established player. We provide a broad range of tax advisory services with focus on private and public M&A transactions, due diligence, real estate transactions and property development, acquisition financing, tax controversy, tax audit assistance as well as financial services tax. Our tax services complement our ability to execute high-end transactions, equity and debt structures, and tax litigations processes.

We are delighted to announce that Asko Lindqvist joins Avance as a Partner (elect).

Asko has over 25 years of experience in competition law and regulatory advisory, including complex transactions work and merger control, cartel and dominance cases, related litigations and investigations. He is also experienced in public procurement/government contracts, foreign investment control (FDI), and state aid matters.

Asko is regarded as one of the top competition law and public procurement experts in Finland. Prior to joining Avance, he worked as a partner at another leading Finnish law firm. Earlier in his career, he has also served as part of the European Commission’s Directorate-General for Competition in Brussels and worked for an international contract manufacturer in Singapore and Hong Kong.

"We are excited to welcome Asko to Avance”, says Katja Jaakkola, who heads the Competition and State Aid team. “He is an experienced competition law expert who will further strengthen our established reputation and presence in the market. Asko is a great person to work with and brings outstanding people skills and a can-do attitude to the table. He’ll be a valuable asset to our team strengthening and expanding Avance’s capabilities in competition law and public procurement matters."

On August 16, 2023, the Ministry of Finance published a draft amendment to the Finnish Transfer Tax Act. In terms of M&A deals, real estate transactions and capital markets transactions, the key proposals can be summarized as follows:

1. Loan receivables purchased in connection with a share purchase will be subject to transfer tax in the future when the consideration for the purchase will be paid for the benefit of the seller of the shares. This is a significant change, because after the decision of the Supreme Administrative Court in 2019, it has been possible to acquire shareholder loans without transfer tax. The change will increase the buyer’s tax costs in M&A deals and real estate transactions.
2. In the future, a business transfer can also be made to an operating company without transfer tax on the transferred securities and real estate (previously the business transfer had to be made to a company established for the purposes of the transfer). This is a positive change, as it facilitates group structure reorganizations and, for example, preparing for the sale of a business line.
3. In the case of a squeeze-out following a public tender offer, transfer tax will be paid on all the shares for which the purchase price is determined in an arbitration procedure. Today, the tax is imposed only on those shares, the ownership of which is transferred in an accelerated manner by placing a security deposit. The tax burden of a squeeze-out will increase to some extent.
4. When distributing shares as dividend in kind, the tax liable will be the distributing company instead of the shareholders, as is the case today. This facilitates in-kind dividend distributions made by listed companies. Due to this new concept of reverse tax liability, the tax paid by the company will not any more generate taxable income for the shareholders in the future either.

The draft law is open for comment until 20 September 2023, and the new law is intended to enter into force from the beginning of 2024 except for the provisions regarding the dividend in-kind which would enter into force from the beginning of 2025.

For more information, please contact Sebastian Kellas and Antti Leppänen.

We are pleased to announce that Avance has been shortlisted for the International Tax Review EMEA Tax Awards 2023 in the category “Finland Tax Disputes Firm of the Year”.

The ITR EMEA Tax Awards have taken place annually since 2005 and recognise remarkable achievements and developments by international tax professionals from Europe, Middle East and Africa over a 12-month period.

Winners will be announced at awards gala on 27 September 2023 in London. The full shortlist is available on the ITR website.

Read more about our Tax and Structuring team here.

Sonja Heiskala has been recognised in the 12th edition of the IAM Patent 1000: The World’s Leading Patent Professionals as a “Recommended” lawyer in the Transactions category (Finland).

The IAM Patent 1000 focuses exclusively on patent practice and has firmly established itself as the definitive 'go-to' resource for those seeking world-class legal patent expertise. IAM undertakes an exhaustive five-month qualitative research project to identify outstanding firms and individuals across multiple jurisdictions. To learn more, please visit the IAM website here.

The Finnish Supreme Administrative Court (SAC) has recently given two favourable decisions regarding non-listed companies’ share incentive plans in the form of employment-related share issue (ITA 66 a §; työsuhteeseen perustuva henkilöstöanti). Under the regime, non-listed companies may issue shares to their employees at a discounted subscription price (using the mathematical value of the shares as the subscription price) without triggering taxable income for the employees provided that certain criteria are met. For instance, the benefit must be available to the majority of the personnel (>50%) which means that the eligibility criteria must be set objectively and equally between the employees.

In the first case (SAC:2023:65), the SAC confirmed that the number of shares to be issued to employees could vary based on duration of employment as it did not constitute preference or discrimination against a particular employee or group of employees provided that no group of employees was entitled to subscribe only a nominal number of shares.

The second case (SAC:2023:66) concerned an employment-related share issue where employees were entitled to different numbers of shares based on their employee category determined by the company based on the employee’s role and contribution to the company. In the advance ruling phase, the Tax Administration had considered the share issue taxable to two leadership group members, but the company never appealed against this part of the decision to the Administrative Court and this part of the decision remained as final. In the final phase the SAC considered that the issued shares could be divided between the employees based on an assessment made by the company when no employee group could subscribe only a nominal number of shares. Although the share issue was considered as taxable to two leadership group members (because this part of the ruling was not appealed against), this did not “taint” the whole share issue, i.e., the share issue for the other employee groups was still tax free.

As there has not been much case law regarding employment-related share issues, these decisions provide welcome clarification on the permitted criteria for allocating shares between different groups of employees. Read together with previous case law and draft legislation, different number of shares can be issued to employees based on the employee’s role, gross salary, duration of employment or other assessment criteria determined by the company, provided that the criteria are not discriminatory in nature or lead to some groups receiving only nominal number of shares. This makes employment-related share issues a relevant alternative when considering share incentive plans for non-listed companies.

For more information, please contact Sebastian Kellas and Antti Leppänen.

Avance was recognized by the International Financial Law Review for the firm’s role in advising DoorDash, Inc. in its acquisition of Wolt Enterprises Oy in an all-stock transaction. The deal was the winner of the M&A Deal of the Year category at IFLR Europe Awards 2023.

Avance represented DoorDash in collaboration with Wilson Sonsini Goodrich & Rosati and Allen & Overy LLP.

View the full list of winners here.

Avance and its individual lawyers have once again been highly ranked in The Legal 500, one of the most reputable global ranking publications.

In the newly released EMEA 2023 edition, many of our practices strengthened their positions: Banking and finance and EU and competition were selected for inclusion in Tier 1, and Dispute resolution and Capital markets in Tier 2.

We are also pleased to see that many of our next generation profiles received recognition for their standout contribution to their respective practices.

Avance is ranked the following practice areas:

• Banking and finance
• Commercial, corporate and M&A
• EU and competition
• Real estate and construction
• Capital markets
• Dispute resolution
• Intellectual property
• TMT

The very positive client feedback includes the following:

“Avance has a practical approach and tries to solve the issue at hand rather than get stuck on technicalities.” (Banking and finance)

“Unique blend of legal and commercial excellence. The most important quality of an M&A/Capital Raise deal lawyer is to think in terms of solutions, not risk. Avance excels at providing strategic advice, allowing parties to move forward, instead of getting stuck in theoretical risks.” (Commercial, corporate and M&A)

“Expert, experienced, flexible, committed, versatile, comprehensive.” (EU and competition)

“Very senior team providing hands on attention and premium quality with short response time.” (Real estate and construction)

“The Avance team is rock solid in all aspects: capable in leading complex negotiations, suggesting new approaches to tough disagreements and collaborating among various stakeholders (management, investors etc.).” (Dispute resolution)

“They know how to take things quickly and start working on the assignment, taking into account the client’s schedule and other important issues. Their reporting and communication are in an understandable form and efficient. There always have the right person in the team to join the assignment.” (TMT)

The Legal 500 is an independent guide, which assesses the strengths of law firms in over 150 jurisdictions. Their research is based on feedback from 300,000 clients worldwide, submissions from law firms and interviews with leading private practice lawyers, and a team of researchers who have unrivalled experience in the legal market. For more information, please visit The Legal 500 website.

Avance and its individual lawyers continue their strong performance in the Chambers Global and Europe Legal Guides, which are one of the most reputable ranking publications.

Our “market-leading” Real Estate practice is once again the sole firm selected for top tier (Band 1) inclusion. As in previous years, our “powerhouse” Corporate/M&A practice is also ranked in Band 1.

In addition, our other core practice areas Banking & Finance, Competition/European Law and Energy & Natural Resources receive praise from clients and peers. Also our International & Cross-Border Capabilities are recognized.

A selection of client quotes:

"It is a top-of-the-class team, with great experience and commercial knowledge." (Corporate/M&A)

"The response time is short, and partners and associates are easily accessible." (Banking & Finance)

"We are very happy to work with Avance and will keep working with them in the future." (Competition/European Law)

"The Avance team handles transactions in a simple and efficient manner whilst also ensuring their advice is clear and concise." (Energy & Natural Resources)

"It is a senior team with extraordinary legal skills and strong negotiation power." (Real Estate)

"Avance Attorneys has a deep detailed knowledge and good application of their internal teams' cross-practices." (International & Cross-Border Capabilities)

In addition, a total of 15 of our experts received individual rankings in the guides.

Chambers and Partners is an independent professional legal research company operating across 200 jurisdictions. They deliver detailed rankings and insight into the world's leading lawyers and law firms. Read more at chambers.com.

Avance has once again been shortlisted as the National Law Firm of the Year (Finland) by IFLR Europe Awards 2023. In addition, Avance was shortlisted in the M&A Deal of the Year category for advising DoorDash in the acquisition of Wolt Enterprises Oy in an all-stock transaction.

Judged independently by IFLR's editorial team, the awards focus exclusively on legal innovation in cross-border transactions that reached financial close during the 2022 calendar year. Winners will be revealed at an awards ceremony on May 3 at the Marriott Hotel Grosvenor Square, London.

View the full shortlist here.

The Supreme Administrative Court gave an important decision on taxation of the hybrid arrangements in private equity structures (SAC 2023:31).

In the case, a Finnish private equity fund (LP) owned 66.9% of a Finnish holding company. The decision concerned the deductibility of interest expenses on the debt granted by the private equity fund to the holding company. The hybrid rules did not restrict the deductibility of the interest expenses in taxation of the holding company when the limited partners of the private equity fund and the holding company were not affiliated for the purposes of the hybrid rules. The fact that the private equity fund and holding company were affiliated was not relevant, but it was relevant that the holding company and limited partners of the private equity fund were not affiliated, because the difference in tax treatment was created between the taxation of the holding company and the foreign limited partners of the private equity fund. The difference was due to the fact that the interest income was not taxed as income of some of the foreign limited partners, but it was deemed as income of the private equity fund.

The hybrid rules concern expenses, the tax treatment of which is not consistent in cross-border situations, because a hybrid arrangement exists in which a financial instrument or related payment, the payor or payee are treated inconsistently in taxation in different jurisdictions. The decision of the Supreme Administrative Court clarifies the hybrid rules e.g. in private equity structures.

For more information, please contact Sebastian Kellas and Antti Leppänen.

For the second year in a row, Avance receives the “Excellence in Client Relations” award in Regi’s Law Firm of the Year 2022/2023 Finland study. The nominations were given to law firms that excelled in the Customer Satisfaction Index part of the study consisting of 14 different criteria. The study received a total of over 1,300 responses in Finland and Sweden.

Regi is an independent research consultancy, founded in Stockholm 1997. For more information, please visit law.regi.se.

In the newly released Prospera Tier 1 Law Firm Review 2023, Avance once again ranks as clear #1 among all law firms in Finland as regards clients’ willingness to recommend the firm to other potential clients.

“We are really excited to receive such recognition from our clients. This is a great motivator for us to continue striving for excellence and to do our utmost to have the most satisfied customers”, says Managing Partner Ilkka Perheentupa.

In the overall ranking, All Tier 1, Avance ranks #2 in overall performance and as #1 law firm in Finland in the following key categories:

• Legal advisory
• Business minded
• Client understanding
• Personal contacts
• Availability & service
• Project staffing
• Project management
• Specialist competence

The Prospera Law Firm Review, which is one of the most reputable Nordic client satisfaction surveys, is based on interviews with CEOs, CFOs, partners, corporate lawyers and other senior management of more than 200 Finnish organizations.

Season’s Greetings from the Avance team! We wish you all the best this holiday season and throughout the coming year.

This year we are donating funds to Médecins Sans Frontières, UNICEF and Hope – Yhdessä & Yhteisesti ry.

Avance is pleased to announce the promotion of Minna Katajoki to the partnership.

Minna specializes in commercial dispute resolution, compliance and investigations, and corporate crime. Minna’s disputes practice covers dispute avoidance and conflict management, as well as litigation and arbitration e.g., under the FAI, the SCC and the ICC rules. Minna also serves as arbitrator. In compliance and investigations, Minna advises clients in various compliance matters, including sanctions compliance, data protection and cybersecurity. Further, Minna supports clients in internal, criminal, and regulatory investigations into suspected non-compliance.

“We warmly welcome Minna to the partnership”, says Managing Partner Ilkka Perheentupa. “She has a strong skillset to support our clients and she’ll play a significant role in further strengthening the firm's service offering. She’ll undoubtedly bring excellent competences and energy to our team.”

“Her vast experience is an excellent addition to the breadth of substantive expertise that our clients seek”, says Senior Partner Ulf-Henrik Kull. “I’m confident that she’ll make a great contribution to steer Avance to new heights over the coming years. We are extremely delighted to have Minna join the partnership.”

For the second consecutive year, Mergermarket has awarded Avance the Finland M&A Legal Adviser of the Year Award.

“Winning the award two years in a row is a significant recognition for Avance and further strengthens our position as Finland’s top M&A legal advisor. The award acknowledges the dedication and expertise of our M&A team, which once again successfully advised on multiple complicated and cross-border deals during the review period. We are truly grateful to our clients for entrusting us with their most significant transactions”, states Head of M&A Erkki-Antti Sadinmaa.

Avance has continued to be centrally engaged in a majority of the largest and most interesting corporate transactions in the Finnish market. Some of the most prominent deals on which the firm advised included:

• Advised Amer Sports in the divestment of Suunto, an iconic global outdoor sports and adventure brand known for its sport watches, dive computers and precision instruments, to Liesheng, a leading Chinese technology company focusing on the smart and sport wearables electronics segment.
• Advised Adelis Equity Partners Fund III in relation to its public cash tender offer for all shares in Avidly Plc, a leading Nordic-based marketing technology (MarTech) service provider with its shares trading on Nasdaq First North Helsinki.
• Advised CapMan Infra in the acquisition of 100% of the shares of Koiviston Auto (Metsäpietilä Oy), Finland’s leading bus operator.
• Advised MB Funds in the sale of the Pinja, a leading digital transformation partner for industrial companies and digital society, to private equity owner Norvestor. This was a significant technology transaction involving a target entity with high-end business to business IT system expertise.
• Advised DIF Capital Partners, a leading global independent infrastructure investment manager, in the acquisition of a 71% stake in Plugit Finland Oy, a leading electric vehicle (EV) charging infrastructure company in Finland. The transaction was the first foreign infrastructure investment into the EV charging sector in Finland.

Mergermarket Awards are highly regarded among the industry. The winners are selected based on the value and number of transactions advised on, as well as on a decision by the expert panel of judges. As there is only one winner per category, an M&A Award from Mergermarket is true recognition of the best in the M&A field.

Read more here: https://community.ionanalytics.com/mergermarket-ma-awards-2022-europe

Finland intends to expand its taxation right with respect to capital gains from indirect real estate investments into the Finnish property market. Capital gains from typically used holding company structures will become taxable for a foreign investor provided that the applicable double tax treaty allows Finland to use its taxation right. Finland also intends to withdraw its qualification to the multilateral instrument (MLI), which would widen the number of tax treaties allowing Finnish taxation.

The new law is relevant for investors from all Nordic countries, the UK, Ireland, Spain and Malta, who have investments in Finnish or foreign entities of any legal form where the majority of such entity’s assets comprise of real estates located in Finland. Also, Germany and Switzerland have been mentioned in the draft bill as tax treaties that would fall under the new law.

Alienation of even small stakes in a qualifying entity may trigger taxation as there is no minimum threshold for the ownership in the entity. A foreign investor is obliged to file a tax return in Finland if the capital gain is subject to Finnish tax. Investment funds are not excluded from the scope of the new law (however, foreign investment funds may be deemed tax exempt in certain cases). The law will not be applied if the entity’s shares are publicly listed in a share exchange. New law is intended to enter into force during spring 2023.

For further information on the topic, please contact Sebastian Kellas and Antti Leppänen from our Tax & Structuring practice.

We are delighted to announce that Antti Leppänen joins Avance as a Senior Advisor. Antti is a highly respected tax professional with more than 30 years of experience. He is especially known for his unique understanding of the banking, finance and insurance sectors, and has gained deep knowledge in the fields of M&A, tax litigation and general tax advisory by advising various Finnish and international companies. Antti’s vast experience further strengthens Avance’s capability to execute high-end transactions and litigation processes and to serve banking, finance and insurance sector clients.

Prior to joining Avance, Antti worked as a partner at KPMG. Before this, he was vice president at Nordea Bank responsible for tax and legal affairs and legal counsel at Sampo Insurance Company responsible for tax and corporate law matters.

“I am proud that Avance is receiving such a significant reinforcement”, states Sebastian Kellas, who heads the Tax and Structuring team.

Avance once again receives excellent rankings in the 2023 edition of the IFLR1000, a guide to the world's leading financial and corporate law firms and lawyers. The firm is ranked in all researched practice areas: Banking and Finance, Capital Markets, M&A and Project Development. In addition 12 partners of the firm are recognised in their fields of expertise.

The very positive client feedback includes the following:

"Excellent project leading skills and understanding of complex divestment and carve-out matters in the global business environment. Hands-on and can-do attitude." – M&A

Commercial understanding is good and they can work around/communicate clearly on nice to haves and must haves. Value for money of the service is also pleasing compared to peers." – M&A

"Fast, knowledgeable, responsive, flexible." – Capital Markets

"Professional, prompt, experienced." – Banking and Finance

"The law firm is very precise and meticulous in the work they prepare and provide. They are also very plugged in to the local network." – Project Development: Infrastructure

For more information, please visit the IFLR website.

International Tax Review (ITR) has recognized Avance’s Tax and Stucturing practice in its World Tax 2023 guide, a comprehensive directory to the world’s leading tax firms. It provides rankings and profiles of the most effective tax practitioners in the world, covering more than 120 jurisdictions located on every continent.

Avance receives Tier 2 rankings in the General corporate tax, Tax controversy and Transactional tax categories. Partner Sebastian Kellas continues to be recognized as ‘Highly Regarded’ in the Real estate and Transactional tax categories.

Joining the tax advisory market in early 2019 through the recruitment of Sebastian Kellas, Avance has quickly become an established player. We provide a broad range of tax advisory services with focus on tax litigations, transaction and financing structuring services, due diligence and tax compliance and audit assistance. Our tax services complement our ability to execute high-end transactions, equity and debt structures, and litigations processes.

We are very pleased to announce that Minna Katajoki joins Avance as a Counsel as of 1 September 2022.

“We are extremely excited to have Minna join our team. Her vast experience in both international and domestic litigation and arbitration and acknowledged expertise in commercial disputes and compliance-related matters will support and strengthen our dispute resolution practice. Minna is an excellent addition to our team”, says partner Ulla Vuokila.

Minna specializes in commercial dispute resolution, dispute avoidance and conflict management, as well as in compliance matters. Her practice covers litigation and arbitration e.g., under the FAI, the SCC and the ICC rules, over a wide range of topics. Minna also advises companies, board members and management in matters relating to corporate and white-collar crime related topics. Furthermore, Minna advises clients in non-contentious matters including securities market regulation, board and management liability, data protection and privacy.

Prior to joining Avance, Minna has worked for other law firms’ dispute resolution practices for more than a decade.

We are pleased to announce that Avance has been shortlisted for the International Tax Review EMEA Tax Awards 2022 in the category "Finland Tax Disputes Firm of the Year".

The ITR EMEA Tax Awards have taken place annually since 2005 and recognise remarkable achievements and developments by international tax professionals from Europe, Middle East and Africa over a 12-month period.

The full shortlist is available on the ITR website. Winners will be announced on September 15.

We are pleased to announce that Avance, together with leading Norwegian law firm Wiersholm, was selected as winner of the category “Best Law Firm: Nordics” at the 13th edition of the ILASA - International Legal Alliance Summit & Awards, organized by Leaders League in Paris earlier this month.

Each year ILASA rewards both the Best Legal and IP Departments as well as the Best Law Firms and IP Firms around the world, for their performances in the long run. The winners of each category are elected by panel of jury composed of General Counsel, Head of Legal, Chief Legal Officers and IP Directors as well as experts and key players of the corporate and intellectual property fields.

More information about the awards can be found at www.ilasummit.com.

Avance and its individual lawyers have once again been highly ranked in The Legal 500, one of the most reputable global ranking publications. In the newly released EMEA 2022 Edition, Avance has been recommended in the following core practice areas:

• Banking and Finance
• Capital Markets
• Commercial, Corporate and M&A
• Dispute Resolution
• EU and Competition
• Intellectual Property
• Real Estate and Construction
• TMT

The very positive client feedback includes the following:

“The essential strengths of the team are its flexibility, efficiency and dedication. The broad and very in-depth knowledge of their lawyers really differentiate their services. We have been very pleased with their services on finance matters. (Banking and finance)

“Deep knowledge of regulations and application into practice. Very fast and efficient team for rather big documentary needs. Good ability to find solutions that fit each case at hand.” (Capital markets)

“The team is dedicated, well organized and respectful of deadlines. The team stands out especially with its outstanding co-ordination on transactional matters.” (Commercial, corporate & M&A)

“Smart, capable, fast, commercial.” (Commercial, corporate & M&A)

“To the point people, pragmatic, result oriented, competent and fast. Valuable advice received on difficult cases.” (Dispute resolution)

“Reliable, adaptive, professional, easy-going. They serve well in many ways – not just legally but also in communication, advocacy and economical surveys.” (EU and competition)

“Great team to help with especially R&D and innovation policy related matters.” (Intellectual property)

“The team really knows our business and always look for best possible solutions for the client. Compared to other firms I have really felt I’m getting outstanding service in all areas.” (Real estate and construction)

“Great team with lots of expertise on the R&D focused and regulated side of the TMT sector, they’re great help for our R&D team and have great understanding on innovation policy etc. Avance are a pleasure to work with they’re very accommodating for client requirements. Very good commercial understanding.” (TMT)

The Legal 500 is an independent guide, which assesses the strengths of law firms in over 150 jurisdictions. Their research is based on feedback from 300,000 clients worldwide, submissions from law firms and interviews with leading private practice lawyers, and a team of researchers who have unrivalled experience in the legal market.

We are proud to announce that partners Sari Wallgren and Selinda Näse have been recognised in the fifth edition of the IFLR1000 Women Leaders Guide 2022.

IFLR1000 Women Leaders is an elite ranking category reserved for the most prominent women lawyers across the world working in the areas of law IFLR1000 researches. This is an exclusive group of lawyers with outstanding reputations within their markets who either have expertise and experience of working on complex deals, or who have risen to hold leadership roles with their firms or their practices. In total, eleven female business lawyers in Finland were selected for inclusion in the IFLR1000 Women Guide 2022.

Sari and Selinda are both established figures in the banking and finance sector and they have been consistently top ranked in various legal directories for their expertise. They advice clients in banking and finance transactions, including syndicated and bilateral loans, acquisition, real estate, structured and project financing arrangements, as well as securitizations and restructurings and debt capital market transactions.

For more information, please visit the IFLR1000 website.

Avance has received Mergermarket’s European M&A Awards 2021 – Finland M&A Legal Adviser of the Year Award.

“We are honoured to be awarded this prestigious award by Mergermarket. I am proud of the entire Avance team and what we have achieved together. We want to express a special thank you to our clients for placing trust in us. This award serves as an excellent motivator to continue working to improve our services and exceed our clients' expectations," says Ilkka Perheentupa.

Avance celebrated its 10th anniversary in 2021 and has during this past decade cemented its position among the most recognized legal advisers in high-end, complex M&A in Finland and the Nordics. Avance has recently been centrally engaged in a majority of the largest and most interesting corporate transactions in the Finnish market, including advising DoorDash, Inc. in the acquisition of Wolt Enterprises Oy, advising Hologic, Inc. in the acquisition of Mobidiag Oy, advising Vapo Oy in the sale of Nevel Oy to Ardian, advising Blackstone Tactical Opportunities and Brunswick Real Estate in the sale of Kielo to Castellum and advising Reworks Oy and its shareholders in the sale of the company to Playtika.

The Mergermarket European M&A Awards recognize financial and legal advisers' excellence in M&A deals in Europe, and are based on an in-depth analysis of an independent judging panel as well as the Mergermarket's transaction database. There is only one winner per category, which means an M&A Award from Mergermarket is true recognition of an outstanding year.

Avance has again been shortlisted for the National Firm of the Year for Finland by IFLR Europe Awards (2022). We are grateful for the nomination and wish to thank our clients and team who have enabled us to achieve this position (as one out of four firms selected for the shortlist).

The Awards focus exclusively on legal innovation on cross-border transactions that closed in the calendar year 2021. Winners will be announced at an awards ceremony in London on 5 May 2022.

For more information, please visit IFLR.com.

Avance and its individual lawyers continue their strong performance in the newly released Chambers Europe 2022, one of the most reputable ranking publications.

Our “market-leading” Real Estate practice demonstrates its strength by again being the sole firm selected for top tier (Band 1) inclusion. As in previous years, our “powerhouse” Corporate/M&A practice is also ranked in Band 1.

In addition, our other core practice areas Banking & Finance, Competition/European Law and Energy & Natural Resources receive praise from clients and peers.

A selection of client quotes:

• "Avance has a business-oriented approach while still keeping the legal issues in focus. The law firm provides a speedy delivery with high quality." Another client praises the law firm's "top-tier service," highlighting the lawyers' "commercial mindset" and describing them as "solution-oriented and hard-working." (Corporate/M&A)
• "Avance Attorneys has been consistently outstanding." (Real Estate)
• Clients appreciate the law firm's "proactive service" and highlight the lawyers' "business-minded and pragmatic approach." (Banking & Finance)
• "They are always available and provide solid output." (Competition/European Law)
• "The speed of execution and responsiveness are excellent." (Energy & Natural Resources)

Chambers and Partners is an independent research company delivering detailed rankings and insight into the world’s leading lawyers. The Europe guide covers practice areas in over 52 jurisdictions and three regions. Read more at chambers.com.

To support urgent humanitarian aid efforts in Ukraine, Avance has donated 50,000 EUR to Unicef, Red Cross and Save the Children. We warmly encourage others to consider donating or taking other immediate actions to help.

We stand for freedom, democracy and collaboration. We stand with Ukraine.

In the newly released Prospera Tier 1 Law Firm Review 2022, Avance ranks as clear #1 among all law firms in Finland as regards clients’ willingness to recommend the firm to other potential clients.

“It has been our number one priority from the start to go out of our way to have the most satisfied clients - a top ranking in clients’ willingness to recommend the firm is the best recognition we can get for our continued commitment to customer satisfaction,” says Managing Partner Ilkka Perheentupa.

In the Prospera review, Avance ranks #2 in overall performance and as #1 law firm in Finland in e.g. the following key categories:

• Business mindedness
• Client understanding
• Personal contacts
• Project management

The Prospera review, which is one of the most reputable Nordic client surveys, is based on interviews with CEOs, CFOs, partners, corporate lawyers and other senior management of more than 200 Finnish organizations.

Mergermarket, the leading global M&A intelligence and analysis provider, has recently published its legal advisor league tables for 2021. Avance ranks #1 legal advisor in Finland by deal count (40) and #2 by deal value (14,278 MUSD).

Avance lawyers are also strongly represented in individual league tables. Our Managing Partner Ilkka Perheentupa leads Finland’s individual league tables for 2021 in terms of both deal value and number of deals. More than half of the top 10 individual corporate legal advisors in Finland by deal value and more than one third of the top 30 individual corporate legal advisors in Finland by deal count in 2021 are Avance lawyers.

“This excellent outcome is a result of our ability to provide commercial, proactive and pragmatic service and advice to our clients, and cements our position as a leader in the Finnish M&A market. We would like to thank our clients for trusting us with their transactions and bringing us to where we are now. We wish to also express our gratitude to our dedicated and exceptionally skilled team”, says the Head of M&A Erkki-Antti Sadinmaa.

Deals that contributed to Avance’s top ranking included advising DoorDash, Inc. in the definitive agreement to acquire Wolt Enterprises Oy in an all-stock transaction, advising Hologic, Inc. in the acquisition of Mobidiag Oy, advising Vapo Oy in the sale of its wholly owned subsidiary Nevel Oy to Ardian, advising Summa Equity in the sale of HyTest to Mindray, and advising Rettig Group in the divestment of Nordkalk Corporation to SigmaRoc Plc.

View the Mergermarket Global & Regional League Tables 2021 report here.

For more information about Avance’s M&A services, please visit https://avance.com/what-we-do/practice-areas/mergers-and-acquisitions/.

In Regi’s first ever Law Firm of the Year Finland study, “Excellence in Client Relations” awards were given to law firms that excelled in the Customer Satisfaction Index part of the study. Avance is of one of three top 10 Finnish law firms to receive the award.

The Swedish market research and consulting company Regi has during the last 14 years performed an extensive market and client study of business law firms in Sweden, which study was now extended to also cover law firms in Finland. The Law Firm of the Year 2021 study was closed in December and received a total of over 1,100 responses.

Our sincere thank you to all clients who participated in the study. The study provides valuable information for further developing our services but also provides proof that the Avance concept continues to be well received.

For more information, please visit regi.se.

Our sincere thank you for the past year and decade. We wish you all the best this holiday season and throughout the coming year.

Your Avance team

This year we are donating funds to Médecins Sans Frontières, UNICEF and Hope – Yhdessä & Yhteisesti ry.

Avance takes part in Taimiteko – Seedling Action, a carbon offsetting initiative by 4H Finland. Taimiteko was recently selected as the Accountability Act of the Year 2021 by the Finland Chamber of Commerce.

Taimiteko is a pilot project, in which an organisation or individual can participate to compensate carbon dioxide emissions and consequently slow down climate change. Taimiteko increases the carbon sinks of Finnish forests by planting tree seedlings in areas that have not been in active forestry, agriculture or peet production for years or even decades. Taimiteko aims to plant 10,000 hectares of new forest in Finland by 2030.

Taimiteko also has the function of increasing employment activity as it provides summer jobs in planting seedlings, especially for young people under the age of 18, who are still outside the labour market. The young receive compensation for the seedlings they plant and get valuable work experience for the future. In addition to this, Taimiteko increases young peoples' knowledge of the importance of forests.

The patron of the Taimiteko project is the president of the Republic of Finland, Sauli Niinistö.

Read more: www.taimiteko.fi

As part of the step into its second decade, Avance and its partners have decided on changes in the firm’s leadership.

Ilkka Perheentupa has been elected Managing Partner, succeeding Carl-Henrik Wallin, effective 1 January 2022. Carl-Henrik Wallin will continue as Chairman of the Board and Ulf-Henrik Kull as Senior Partner.

“As Avance is experiencing its best year ever, we are taking the opportunity to concurrently develop our leadership. Having held the position of Managing Partner for the first ten years of Avance, it will be very inspiring to continue the work as its Chairman. Ilkka is an excellent choice for Managing Partner”, says Carl-Henrik Wallin.

Ilkka Perheentupa continues: “After ten years of working to build our transactions practice together with an exceptional team, it’s an honor for me to be elected Managing Partner of the firm. I look forward to continuing to serve our clients and focusing on our people while taking on this new role of leading the firm into the next decade.”

About Avance

Avance is a business law firm managed by a team of experienced attorneys that share an enthusiasm for providing legal services of the highest quality. The firm handles some of the most demanding transactions, large projects and disputes involving its market, with a focus on matters that call for the skills and sophistication of the Avance team. The firm’s high partner-associate ratio reflects the core strategy of providing a senior-oriented service that ensures concrete value-add to clients and distinguishes the firm from its key competition. Avance combines high-end advisory work with a unique breadth of international experience. www.avance.com

Avance is pleased to announce the promotion of Katja Jaakkola, Tytti Laajanen and Henrikki Tahkokallio to the partnership.

Katja has extensive experience in competition law and regulatory matters. She advises Finnish and international clients on all aspects of competition law, specializing in merger control and antitrust investigations as well as regulatory and compliance matters. She has broad international experience and holds a degree from the College of Europe. Having advised on some of the most complex transactions on the Finnish market in recent years, Katja is highly regarded for her competence and project handling skills.

Tytti has broad and in depth knowledge in the fields of banking and financing, covering complex finance transactions and financial regulation. Having over 15 years of experience from both law firms and the banking sector, including general counsel of a large corporate bank, she has been praised for her deep business understanding. Tytti advises lenders and borrowers on a wide range of debt financing and debt capital market transactions. In addition, she advises on regulatory and compliance matters.

Henrikki has significant expertise in real estate transactions, joint ventures and development projects as well as mergers and acquisitions and private equity investments. He has gained international experience working as an M&A lawyer in a major US law firm in New York. Henrikki has established himself as a trusted advisor to many of the firm’s key clients and has received recognition from several international legal directories.

“We are very delighted to welcome Katja, Tytti and Henrikki to the partnership”, said Managing Partner Carl-Henrik Wallin. “They have all demonstrated extraordinary commitment to our client service and they will be crucial contributors to our future offering. We founded Avance to be an environment for everyone to excel and we are proud to see that this outstanding group of lawyers have proven themselves to be trusted advisors in their respective areas of practice.”

“Being promoted to partner is a notable career milestone and we would like to congratulate our colleagues on this achievement”, said Senior Partner Ulf-Henrik Kull. “Their appointments acknowledge the contribution each has made to our clients and our firm, but also the success of the whole organization in both attracting and developing talents. They are already leaders in their fields, and we are confident that their exceptional capabilities and expertise support the growth of our clients and their capability to adapt to the changing world.”

Partner Anders Floman has been selected as the exclusive winner of the Lexology Client Choice Award 2021 in the Corporate Governance category in Finland.

Clients praise that “the commercial awareness of Anders is second to none of any lawyers we have worked with throughout the years, which is why he brings us tremendous value and insights to our projects”, further stating that “he has the analytical skill beyond the mere transaction, as well as the ability to separate must-haves from nice-to-haves”, “he works diligently keeping schedules and presents his advice in clear and professional manner” and that “he is very pleasant to work with and you don't have to worry about value for money issues regarding his deliverables.”

Established in 2005, Client Choice recognises those individuals around the world that stand apart for the excellent client care they provide and the quality of their service. The criteria for this recognition focus on an ability to add real value to clients’ business above and beyond the other players in the market. Uniquely, lawyers can be nominated only by corporate counsel, with this year’s winners chosen from a pool of more than 2,000 individual client assessments.

To excel in business, you need to master the Art of Avance – moving forward. We believe legal services only have value if they take you further. And to go forward and keep developing, you need strategic partners. That is where we come in.

What we provide goes beyond legal advisory. With a team drawing from fields as diverse as philosophy and applied mathematics, you gain access to foresight and strategic advice that will drive your business. In a world that’s constantly on the move, we’ll keep you one step ahead.

Being out front has been our guiding spirit from the start. The story of Avance is about ambition, challenging industry practices and creating our own. We wanted to break free from bureaucratic conventions and dedicate our time to the things we are passionate about. For us at Avance, business is personal. We founded Avance to be an environment for everyone to excel. To let the painters paint. It goes without saying that the same level of ambition, professionalism and caring for our own is also present in the way we work with our clients.

Friends, it’s been 10 years. And we are still as excited as we were on Day One.

Avance’s Tax and Structuring practice has again been recognized in the prestigious World Tax ranking released by International Tax Review, by receiving e.g. Tier 2 rankings in both Transactional tax and Tax controversy categories. In addition, Partner Sebastian Kellas individually ranked as ‘Highly Regarded’ in the Real estate and Transactional tax categories.

World Tax is the comprehensive guide to the world’s leading tax firms - it provides rankings and profiles of the most effective tax practitioners in the world, covering more than 100 jurisdictions located on every continent.

The tax practice of Avance was established in the beginning of 2019 through the recruitment of Sebastian Kellas, whereby Avance further strengthened its position as recognized leader within legal services especially in the real estate and M&A segments. The tax practice is fully integrated to the aforementioned transactional services as well as to the dispute resolution team in respect of tax litigations. The tax practice also operates on a stand-alone basis in various general corporate tax advisory engagements.

Avance and its individual lawyers have once again been highly ranked by IFLR1000. In the latest edition, Avance is ranked in all researched practice areas: Banking and finance, Capital markets: Debt, Capital markets: Equity, M&A and Project Development. In addition, 11 partners of the firm are recognised in their respective fields of expertise.

The very positive client feedback includes the following:

"Very accurate, precise and reliable advice. Very good drafting skills and extremely good responsiveness. Very knowledgeable on both content (SPAs, Option Agreement, M&A statute) and market.” – M&A

"Avance is very professional and proactive in handling the case." – Project Development

"Avance is able to assist us in all finance-related issues (bank financing, bonds etc). They work seamlessly together with the firm's other practice areas." – Banking and finance

"Long relationship and proactive analysis of the situation so the background work has been done before any meetings and planning sessions. They take personal contacts seriously and devote a lot of time to understand our company needs/situation." – Banking and finance

For more information, please visit the IFLR website.

Tytti Laajanen will join Avance at the beginning of September. She currently works as General Counsel and Head of Legal Affairs of OP Corporate Bank, the corporate banking segment of OP Financial Group.

"We are delighted to welcome Tytti to Avance. Her appointment is in line with our core strategy of providing a senior-oriented service to our clients. Tytti's extensive experience from the banking sector will broaden the spectrum of our services and is an excellent addition to our team and offering", says Sari Wallgren, Finance Partner.

Tytti has more than 15 years of experience from working with complex corporate finance transactions, first as an attorney and then as an inhouse counsel. She will be advising both lenders and borrowers on a wide range of debt financing transactions, including acquisition finance, real estate and project finance, refinancing and restructuring, as well as debt capital market transactions.

We are pleased to announce that Avance Partner Selinda Näse and professor emeritus Jarno Tepora at the University of Helsinki have received Defensor Legis’ Authors’ Award 2020 for their article on the validity of security in relation to release undertakings (in Finnish: Panttioikeuden pätevyys pantinsaajan sitoutuessa vapauttamaan pantin ennen vakuusvelan lakkaamista). The article was published in the issue 6/2020 of Defensor Legis, a law journal published by the Finnish Bar Association since 1920 and the oldest attorney publication in the Nordics. The annual award has been granted since 1988 to particularly high-level legal writings published in Defensor Legis.

The summary of the article is available here (in English). The full article is available here (in Swedish) and here (in Finnish).

We are delighted to announce that Avance Partners Sari Wallgren and Selinda Näse have been recognised in the ILFR1000 Women Leaders 2021 guide, featuring the most prominent female lawyers working in financial and corporate law. IFLR1000 Women Leaders is an elite group of lawyers with outstanding reputations within their markets who either have expertise and experience of working on complex deals, or who have risen to hold leadership roles with their firms or their practices. In total, ten female business lawyers in Finland were selected for inclusion in the IFLR1000 Women Leaders 2021 guide.

Sari and Selinda are both established figures in the banking and finance sector and they have been consistently top ranked in various legal directories for their expertise. They advice clients in banking and finance transactions, including syndicated and bilateral loans, acquisition, real estate, structured and project financing arrangements, as well as securitizations and restructurings and debt capital market transactions.

For more information, please visit the IFLR1000 website.

Avance’s Senior Advisor Petri Rouvinen, along with ETLA’s Heli Koski, debates the consequences of the European Commission’s twin proposal – the Digital Markets Act (DMA) and the Digital Services Act (DSA) – in Talouselämä, the leading business periodical in Finland. DMA will fundamentally mold business practices of “gatekeeping” digital platforms in the single market. DSA in turn will have major implications on online content moderation and related rights.

DMA and DSA grow out of the Commission’s frustration in applying traditional competition policy tools in the digital domain. Petri Rouvinen notes that “in essence, every item in the package can be traced back to an antitrust case the Commission has pursued in the 2000s”. He notes that it is probably this starting point that makes the package incoherent; a more “principled” approach, in which the prohibitions and obligations would have been derived from a set of conditions such as preserving the contestability of markets, should perhaps been adopted.

Surprisingly, the package does not really include new competition policy tools, e.g., in merger control. Furthermore, the core of the current ads-based “surveillance economy” remains intact and neither intermediary market power nor competition of ecosystems is addressed directly.

Some controversies are built into the package. As large platforms must become more open, dealing with their intellectual property rights and trade secrets become tricky. A third party’s data access conflicts with GDPR’s privacy guidelines. A good balance between “appropriate content” and “free speech” is difficult to achieve in a heterogenous single market.

Partner Mikko Alkio notes that Avance Attorneys follows closely developments in this domain and stands ready to help its clients in issues related to platform competition, online content, and digital rights.

In the recently held budgetary discussions, the Finnish government decided on policy positions for remaining two years of its term. The government indicated its aim to broaden the tax liability of foreign funds investing into the Finnish property market. The target is that profits made by foreign funds in property investments are taxed as widely as possible in Finland.

The government further indicated its intention to amend the interest barrier rules in respect of property structures held by non-Finnish investors.

Details of the changes will be prepared later and should be published during 2022. The Government’s intention is to have the new rules effective as from the beginning of 2023.

For more information, please contact Sebastian Kellas.

In the recently released Legal 500 EMEA 2021 rankings, Avance has once again been highly ranked and recommended in all of its core practice areas, i.e.:

• Banking and Finance
• Capital Markets
• Commercial, Corporate and M&A
• Dispute Resolution
• EU and Competition
• Intellectual Property
• Real Estate and Construction
• TMT

Our goal is to have the most satisfied clients and the most dedicated team and we are extremely pleased to receive positive feedback such as follows:

“Highly competent, world-class team with a high work ethic.” (Commercial, Corporate and M&A)

“We chose to work with Avance due to a high-level of expertise within real estate, construction and financing. We value their entrepreneurial attitude and willingness to assist us in all matters related to our projects.” (Real Estate and Construction)

“Extremely flexible team which is able to respond and allocate resources in line with urgent customer needs.” (Capital Markets)

“The finance team is exceptional.” (Banking and Finance)

“The whole process from day one all the way to the final resolution was extraordinary. Everything was done with 100% attention to detail and with outstanding professionalism.” (Dispute Resolution)

“Extremely competent, trustworthy and flexible service. We have been very satisfied and have achieved remarkable victories with the team.” (EU and Competition)

Our individual lawyers continued their strong performance as well and altogether 15 lawyers received recommendations in the publication.

The Legal 500 is an independent guide, which assesses the strengths of law firms in over 150 jurisdictions. Their research is based on feedback from 300,000 clients worldwide, submissions from law firms and interviews with leading private practice lawyers, and a team of researchers who have unrivalled experience in the legal market.

Should the employee's sick leave certificate show diagnostic information? What is the role of occupational health care in assessing work ability? When is an employee entitled to sick pay?

Sonja Heiskala, a Senior Associate in Avance’s IP & Technology team, recently co-authored a book “100 kysymystä sairauspoissaolojen juridiikasta” (Eng. “100 questions regarding the legal aspects of sick leave”) with Mari Mohsen, a Senior Associate in Roschier’s Employment team, and occupational health physician, M.D. Armi Saari, to offer practical solutions to prevent and resolve challenging issues related to sick leaves. The book, published by Alma Talent, addresses these matters from the perspective of employment law and data protection law, combined with the viewpoint of occupational health care practitioners. It also systematizes related terminology and definitions, and provides a practical introduction to the key legal sources related to the topic. Sonja’s contribution to the book is centered on the topics related to the EU General Data Protection Regulation (GDPR) and protection of privacy in the employment and healthcare contexts.

Read more on Alma Talent’s website here (in Finnish).

Avance and its individual lawyers continue their strong performance in the newly released Chambers Europe 2021, one of the most reputable ranking publications. Our "market-leading" Real Estate practice cements its position, being the sole firm selected for top tier (Band 1) inclusion. As in previous years, our “powerhouse” Corporate/M&A practice is also ranked in Band 1. In addition, our other core practice areas Banking & Finance, Competition/European Law and Energy & Natural Resources receive praise from clients and peers.

A selection of client quotes:

Market-leading department universally revered for its unrivalled transactional expertise. Clients describe the team as "nimble," as well as "pragmatic and commercial." Another interviewee finds the lawyers to be "knowledgeable and service-minded." (Real Estate)

Clients praise the team for "thinking ahead - before you say they should do something they have already started doing it." Another client declares that "the service quality is top notch." (Corporate/M&A)

Clients highlight that the firm's "strength is a thorough understanding of real estate finance." Clients also admire the team for its "very focused and thorough work approach." (Banking and Finance)

Sources say that the lawyers are "reliable, effective and flexible," with "good experience and contacts in Brussels." (Competition/European Law)

A client notes: "I especially like the lawyers being commercially minded and always doing background work sufficiently." Another client describes the team as "commercial, proactive and very knowledgeable." (Energy & Natural Resources)

Chambers and Partners is an independent research company delivering detailed rankings and insight into the world’s leading lawyers. The Europe guide covers practice areas in over 52 jurisdictions and three regions, including Europe-wide, CEE-wide and Baltic-wide. Read more at chambers.com.

In the newly released latest edition of Chambers Global, Avance is praised for high-level transactional work and top-quality support on international matters.

Chambers highlights that Avance is a "corporate powerhouse renowned for its expertise in cross-border transactions." Sources underline our robust contacts with practices overseas: "Their network has proven to be valuable in international cases." Chambers further notes that Avance is particularly well geared towards cross-border M&A and financing transactions in the Nordic region on behalf of Finnish-listed companies, Nordic players and global entities.

In addition, the development of the firm’s offering has not gone unnoticed. Chambers emphasizes that Avance is growing strength across different specialisms such as tax and disputes, and also assists clients with cross-border compliance and risk management.

Chambers and Partners is an independent research company operating across 200 jurisdictions delivering detailed rankings and insight into the world's leading lawyers. Read more at chambers.com

Avance is pleased to announce the promotion of Rasmus Sundström and Sampsa Suominen to the partnership.

Rasmus has extensive experience in public and private M&A transactions, capital markets transactions as well as corporate and securities law advisory work. In addition, he regularly advises clients in general corporate, commercial and contractual matters. Having worked on some of the most complex and high-profile transactions on the Finnish market in recent years, Rasmus has developed close relationships with several of the firm’s key clients who highlight his responsiveness and commercial approach.

Sampsa has broad expertise covering a wide range of transactional work, including M&A, private equity transactions and investments, as well as shareholder, contractual and corporate matters. He regularly represents fund and industrial clients in high-end deals, private equity buyouts, investments and projects, and he is highly regarded among the firm’s long-standing clients for his solution-oriented project handling skills. Alongside general transactional work, Sampsa advises clients in relation to large-scale energy projects and transactions, including wind energy.

Managing Partner Carl-Henrik Wallin: ”We are delighted to have Rasmus and Sampsa join the partnership. They are both highly skilled lawyers and well-known advisers in their respective fields, and have presented an outstanding commitment to the long-term success of our clients. In these times of uncertainty, it is more important than ever to ensure that we as a firm are constantly able to meet and exceed our clients’ expectations. As partners of the firm, Rasmus and Sampsa will have an important role in delivering this by further developing our market leading transactional offering.”

Senior Partner Ulf-Henrik Kull: ”We warmly welcome Rasmus and Sampsa to the partnership. They have been with the firm nearly since its inception and their promotion to the partnership reflects our continued focus on creating the best platform for our people to develop as professionals. Rasmus and Sampsa have demonstrated true professionalism, client dedication and leadership potential, and we are pleased to have them join the partnership in building our firm for the future.”

As from January 2021 Finnish companies will have new possibilities to issue shares to their employees. Shares can be issued at a subscription price below fair value. In practice, the subscription price under the new regime can be the equity value of the shares. No taxable income is triggered at the time of the subscription. A future sale of shares will be taxed as capital gain.

The new regime requires that a majority of the company’s employees have a possibility to participate in the share issue. The number of shares that each employee is entitled to subscribe shall be proportional to such employee’s gross salary and other forms of compensation. The regime also applies to CEOs but not to outside board members who are not employed by the company.

The new regime is intended to enter into force on 1 January 2021. At the same time, a new regime on stock options becomes applicable, allowing the use of penny options. Together these two regimes provide powerful tools in respect of incentivizing employees with equity instruments.

For more information, please contact Sebastian Kellas.

Avance and its individual lawyers continue their strong performance in the IFLR1000 rankings. In the newly released 2021 edition Avance is ranked in all researched practice areas, Banking and Finance, Capital Markets, M&A and Project Development and in addition 11 partners of the firm are recognised in their fields of expertise.

The very positive feedback from clients includes the following:

“Very efficient and process-oriented.” - Banking and finance“Highly skilled and reliable, analytical and practical approach to work combined with clear communication.” - Banking and finance“Professional, timely and up to speed in respect of the market. Strongly partner-led deal teams.” - Banking and finance

“Flexibility and creative problem solving without besserwissering legal details. Focus on getting the deal within interests of the client.” - M&A“Personal engagement to the case at hand.” - M&A

“Always responsive and they dedicate much time to the client, understanding the company’s situation intimately. No need to go over old things over and again as they are well on top of matters.” - Capital markets“Outstanding industry-specific knowledge and superior customer service.” - Capital markets

IFLR1000 has been researching legal markets for 30 years with an experienced research team based in London, New York and Hong Kong. IFLR1000’s research team selects leading firms based on a mix of transactional evidence, peer feedback and client feedback. Read more here.

In its second year of operation, the Avance tax practice achieves a strong performance in the ITR (International Tax Review) World Tax 2021 rankings, receiving e.g. Tier 2 rankings in both the Transactional tax and Tax controversy categories. The annual World Tax guide provides rankings and profiles of the most effective tax practitioners in the world, covering almost 90 jurisdictions. The guide is produced using three foundational pillars of research: practical evidence, peer feedback and client feedback.

Avance’s Tax and Structuring practice was established in the beginning of 2019 through the recruitment of Sebastian Kellas, whereby Avance further strengthened its position as recognized leader within legal services especially in the real estate and M&A segments. The tax practice is fully integrated to the aforementioned transactional services as well as to the dispute resolution team in respect of tax litigations. The tax practice also operates on a stand-alone basis in various general corporate tax advisory engagements.

The Finnish Government has proposed new tax legislation on share issues directed to employees of private companies. The purpose is to create a clear and tax-wise attractive regime to strengthen employee commitment by making it possible to issue shares at book value. Under the current regime and practice, shares issued at below market value constitute taxable income. For this reason, stock options are often used instead of direct share issuances.

The proposed law imposes a number of requirements for the new regime to apply. The most significant is the requirement that the share issue cover the majority of the employees. A second key requirement is that the shares be issued by the formal employer entity, not other group entities.

The new law is aimed to enter into force on 1 July 2020. If and when implemented, the new law will add to the equity incentive toolkit that is used in various incentive programs.

For more information, please contact Sebastian Kellas.

Avance served as pro-bono counsel to Pienpanimoliitto ry, the Finnish trade association representing Finnish microbreweries, in putting forward a legislative proposal to the Finnish Government to allow distance selling of alcoholic beverages produced by microbreweries on a temporary basis. The legislative proposal, the full text of which is available at Pienpanimoliitto’s website (https://pienpanimoliitto.fi/medialle), is aimed at supporting Finnish microbreweries that are currently struggling amidst the effects of the coronavirus epidemic. The forced closure of bars and restaurants, as well as the cancellation of tasting events, has resulted in a dramatic decline in sales, thereby threatening the very survival of the nascent Finnish microbrewery industry. Allowing distance selling would support the survival of the companies over the acute phase of the crisis and substantially increase the range of products available to Finnish consumers.

Avance and its individual lawyers have once again been highly ranked in The Legal 500, one of the most reputable global ranking publications. In the newly released EMEA 2020 Edition, Avance has been recommended in the following core practice areas:

• Banking and finance
• Capital markets
• Commercial, corporate and M&A
• Dispute resolution
• EU and competition
• Intellectual property
• TMT
• Real estate and construction

Feedback from clients and co-operation partners praise the “very professional and deal-savvy team” but also the “very practical and solution-oriented approach”. Commentators further highlight the “entrepreneurial attitude” and “excellent assistance in negotiations” of the team, adding that “their experience was evident and assuring”.

Several of our lawyers were ranked as leading individuals: Ulf-Henrik Kull and Ilkka Perheentupa (Commercial, corporate and M&A), Christoffer Charpentier and Mathias Lindqvist (Real estate and construction) and Robin Nordblad (Capital markets). We are also pleased that our young talent received excellent recognition as well, e.g. as follows:

“Henrikki Tahkokallio is a super-solid senior associate, my pick for when the going gets tough and I want to rely on someone 100%.”

“Eeva Riivari: Hard working person who makes sure all details are solved.”

“[Mikko Alkio and] Katja Jaakkola are excellent, fast, and innovative lawyers.”

“[Salla Suominen and] Sanna Kaistinen’s professionalism and their dedication out won the opposition 10 to 0. I honestly felt sorry for the other company’s counsellors.”

The Legal 500 is an independent guide, in which law firms and individuals are recommended purely on merit. The Legal 500 Series' analysis of law firm capabilities extends over 150 jurisdictions worldwide.

The Finnish Government announced today substantial additional measures aimed to address the negative economic consequences of the coronavirus epidemic. These new measures include the following:

1. The supplementary budget to be issued to the Parliament today, amounting to approximately 400 million euros in the aggregate, will provide additional funding for the social and health care services as well as direct subsidies to businesses granted through Business Finland and the Centres for Economic Development, Transport and the Environment.

2. The financing mandate of Finnvera will be increased to 12 billion euros from the current 4.2 billion euros. The financial support provided to businesses by Finnvera consists primarily of guaranteeing loans issued by private banks as well as direct loans to companies.

3. The Government shall implement most of the temporary measures proposed by the labor market federations on 18 March 2020 (see our earlier update here). These measures include, inter alia, the following:

• The employment pension contribution of private sector employers is temporarily decreased by 2.6 percentage points. The decrease will be put into effect as soon as possible, by 1 June 2020 at the latest, and will be in force until 31 December 2020.
• The payment of employment pension contributions shall be postponed for a period of 3 months.
• Pension insurance companies shall temporarily refrain from making bonus-payments to their customers.
• The Government will prepare several temporary amendments to employment legislation in order to provide flexibility for employers e.g. in the context of temporary lay-offs.

4. Entrepreneurs and freelancers, regardless of company form, shall be entitled to unemployment security.

For more information, please see the Finnish Government’s website at https://vnk.fi/artikkeli/ /asset_publisher/hallitus-esittaa-laajoja-taloustoimia-koronavirusepidemian-haittojen-minimoimiseksi (in Finnish).

The European Commission adopted on 19 March 2020 a temporary state aid framework enabling EU member states to support their economies affected by the coronavirus epidemic. The temporary framework, which supplements the measures already available to member states under the existing state aid rules, enables governments to ensure sufficient liquidity for businesses and to preserve the continuity of economic activity. The temporary framework will initially be in place until the end of December 2020.

The temporary framework provides for five types of aid:

1. Direct grants, selective tax advantages and advance payments: Member states will be able to set up schemes to grant up to €800,000 to a company to address its urgent liquidity needs.

2. State guarantees for loans taken by companies from banks: Member states will be able to provide state guarantees to ensure banks keep providing loans to the customers who need them.

3. Subsidised public loans to companies: Member states will be able to grant loans with favourable interest rates to companies. These loans can help businesses cover immediate working capital and investment needs.

4. Safeguards for banks that channel state aid to the real economy: The temporary framework clarifies that aid channeled to businesses through intermediary banks is considered as direct aid to the banks' customers, not to the banks themselves. The framework also gives guidance on how to ensure minimal distortion of competition between banks.

5. Short-term export credit insurance: The framework introduces additional flexibility on how to demonstrate that certain countries are not-marketable risks, thereby enabling short-term export credit insurance to be provided by the state where needed.

In order to limit any negative impacts on the level playing field in the single market, the temporary framework includes a number of safeguards. For example, it links the subsidised loans or guarantees to businesses to the scale of their economic activity, by reference to their wage bill, turnover, or liquidity needs, and to the use of the public support for working or investment capital. Accordingly, any aid granted under the temporary framework should enable businesses to weather the current downturn and to prepare a sustainable recovery.

For more information on the European Commission’s response to the coronavirus epidemic, please visit the Commission’s website at https://ec.europa.eu/competition/state_aid/what_is_new/covid_19.html.

The Finnish labor market federations have together prepared a proposal for the national government in order to address the economic effects of the coronavirus epidemic endangering business conditions, employment and people’s livelihoods. The proposal concerns necessary actions contributing to cost savings in employment, flexibility of labor laws and improvements in the social security of unemployed or persons on temporary lay-off. The proposed solution is conditional on the adoption by the Finnish government.

Employer pension contributions will be temporarily decreased by 910 million euros

1. Employment pension contribution of a private sector employer

The employment pension contribution of employers is temporarily decreased by 2.6 percent. The decrease will be put into effect as soon as possible, by 1 June 2020 at the latest, and will be in force until 31 December 2020. This means that the employer pension contributions will be temporarily decreased by 910 million euros, in the aggregate, if the change is put into effect by 1 June 2020.

Employment pension insurance payments will be postponed

2. Employment pension payments will be postponed by three months

Employers and private sector pension insurance companies (including pension trusts and pension funds) will be encouraged to agree on the postponing of employment pension payments by three months.

3. Facilitation of employment pension re-borrowing

Finnvera will give securities required for the re-borrowing of pension funds in order to facilitate companies’ capability to pay employment pension insurance payments.

4. Pension insurance companies to refrain from bonuses

Pension insurance companies should refrain from customer bonus-payments during the time period when alleviations in pension insurance companies’ financial solidity rules and decreases in employers’ pension contributions are in place.

Temporary increases in labor law flexibility concerning the private sector will be made until 31 December 2020

5. Shorter minimum negotiation periods set in the Act on Co-operation within Undertakings

In regard of temporary lay-offs, the minimum negotiation periods in accordance with the Act on Co-operation within Undertakings will be reduced from the current 14 days or 6 weeks (as applicable) to 5 days.

6. Possibility to temporarily lay off employees with fixed-term contracts

The scope of temporary lay-offs would be extended to fixed-term employment contracts similarly as it applies to permanent employment contracts. Rights to unemployment security and the employee’s right to terminate the contract would be similarly extended.

7. Shorter minimum notification period for temporary lay-offs

The notification period in accordance with the Employment Contracts Act will be reduced from 14 days to 5 days.

8. Specifications to the possibility to temporarily lay off employees before the co-operation procedure is concluded

The central labor market organizations agree that the sudden and severe decline in the demand of products and services, and in consequence the need for temporary lay-offs, caused by the coronavirus epidemic constitutes exceptional circumstances within the meaning of Section 60 of the Act on Co-operation within Undertakings. The existence of such exceptional circumstances is assessed on a case-by-case basis and, when there are no more reasons to deviate from the customary co-operation obligations, the relevant procedures shall be commenced.

9. In exceptional circumstances the obligation to pay salaries transfers to the Finnish State

If working is prevented due to a public authority’s decision to suspense operations, the obligation to pay salaries ceases for the time of such suspension. This requires that the employee’s loss of income is reimbursed in full from the state’s funds (however, for no longer than 14 days).

In situations where working is prevented due to any other decision made by an authority or a school or a day-care center of a child under 12 being closed in order to prevent any further spread of a transmissible disease, the employee’s loss of income during the exceptional circumstance is reimbursed in full from the state’s funds.

10. Extension of right to terminate employment contracts during probation period

Employers are allowed to terminate employment contracts during the probation period based on production and economic reasons. In such situations a qualifying period of the unemployment security or waiting days will not apply.

11. Extension of obligation to re-employ

The employer’s obligation of re-employment of an employee is extended to 9 months, if the employee’s contract is terminated during the time period when the temporary amendments to employment legislation are in force.

Confirmation of subsistence security for temporarily laid off persons or the unemployed until 31 December 2020

12. Improvement of unemployment benefits

With these changes, the waiting days for unemployment benefits are removed and the maximum period of unemployment benefits will not be applicable during temporary lay-offs. These changes come into force retroactively starting from 16 March 2020. In addition, employees will have the right to daily unemployment allowance, even in situations where the temporary lay-off has been agreed upon.

13. Shortening the working requirement period

The working requirement period for the purposes of related benefits is shortened to 13 weeks for employment relationships that have begun after 1 January 2020 and that end on 31 December 2020 at the latest, if the working requirement is not otherwise fulfilled.

14. Employer’s obligation to inform about temporary laid-off employees

An employer, that has temporary laid off at least 10 employees, must report such lay-offs to the TE Office and the entity responsible for the payment of benefits. The employees that are mentioned in the report will be registered as unemployed job applicants. The unemployed applies for daily unemployment allowance from the benefit payer and the allowance is paid according to the temporary lay-off period that the employer has reported.

15. Guaranteeing the financing of temporary lay-off allowance

The Finnish State will participate in the financing of temporary lay-off allowances by supporting the earnings-based unemployment allowance until the end of 2020.

16. Guaranteeing the performance of unemployment funds and quick payment of benefits

The Finnish State is prepared to support the performance of unemployment funds during 2020 with an amount of 20 million euros.

Sources:

SAK, “SAK:n hallitus hyväksyi työmarkkinoiden kriisipaketin”, 18.3.2020, https://www.sak.fi/ajankohtaista/uutiset/sakn-hallitus-hyvaksyi-tyomarkkinoiden-kriisipaketin

EK, “Työmarkkinajärjestöjen lista yritysten auttamiseksi koronakriisissä ’Askel oikeaan suuntaan, mutta lisää tekoja tarvitaan’”, 18.3.2020, https://ek.fi/ajankohtaista/uutiset/2020/03/18/tyomarkkinajarjestojen-lista-yritysten-auttamiseksi-koronakriisissa-askel-oikeaan-suuntaa-mutta-lisaa-tekoja-tarvitaan/

The recent developments relating to the coronavirus have caused us to reorganize the way we currently work at Avance. Needless to say, the health of our staff, clients and the entire network around us, remains our first priority. As of last Thursday 12 March 2020, we have shifted to working remotely, with work being carried out at our offices only in exceptional circumstances demanded by the interests of our clients. As our team has been accustomed to working remotely already prior to the coronavirus outbreak, we are confident that this shift will not change the quality or the level of attention of our service. As always, we will continue to do our utmost to have the most satisfied clients and the most dedicated team, even in these challenging times.

If you have any questions or need for advice, please be in touch with your usual Avance contact, or feel free to contact Managing Partner Carl-Henrik Wallin or Senior Partner Ulf-Henrik Kull directly.

Even though Finland still has a relatively low number of confirmed coronavirus cases, the Finnish government is taking determined action in order to protect the population and to safeguard the functioning of society and the economy. On 16 March 2020, Finland’s Prime Minister Sanna Marin declared a national state of emergency and announced that her government is bringing emergency powers legislation before the parliament the following day. [1]

Mrs. Marin also presented a 19-point list of measures to address the pandemic. These measures are initially in force until 13 April 2020 and include, inter alia, the following:

• Public gatherings of more than 10 persons are banned and spending time unnecessarily in public places is recommended to be avoided. Persons aged 70 or older must refrain from contact with other persons to the extent possible.
• Daycare centers and pre-schools remain open for the time being, but schools and educational institutions are otherwise closed for on-site operations.
• Public health care capacity is expanded, and private health care capacity is taken into public use if necessary. Non-urgent care is postponed. Retired or otherwise inactive health care personnel may be called to work.
• In the case of critical personnel, exceptions will be made to the provisions of the Working Hours Act and the Annual Holidays Act in both the private and public sector. All public sector employees who do not work in critical sectors shall work off-site.
• The movement of people may be restricted in order to prevent a serious danger to life and health. Finland will initiate preparations for closing the movement of people across its borders (returning Finnish citizens excepted). Those returning to the country will be placed into quarantine for two weeks.

The government also presented measures aimed to support the economy. These measures, initially planned to amount to approximately 5 billion euros, include the following:

• The financing mandate of Finnvera, the state’s special company for enterprise finance, is doubled from 2 to 4 billion euros. Finnvera shall also cooperate with the banking sector in order to ensure companies’ access to liquidity.
• The State Pension Fund of Finland (VER) shall purchase corporate bonds for an additional 1 billion euros.
• A grace period shall be introduced for enterprises’ tax and pension payments.
• Solvency rules of private pension funds are temporarily relaxed.
• Business Finland – the state’s funding organization for innovation, trade, travel, and investment promotion – is given an additional 30 million euros and the Regional State Administrative Agencies an additional 50 million euros in order to address the effects of the epidemic in the most seriously affected industries (e.g. travel and services).
• The government will prepare a complementing state aid scheme intended for distressed companies. The program will be notified to the European Commission.
• Public social and health care services will receive 27 million euros of additional funding. Municipalities will receive an increased share of corporate tax revenue.
• The labor market parties will be called upon to negotiate on measures to minimize layoffs and business disruptions.

Avance’s Economics and Policy practice (main points of contact: Partner Mikko Alkio, tel. +358 50 413 5502 / e-mail mikko.alkio@avance.com& Senior Economist Petri Rouvinen, tel. +358 50 367 3474 / e-mail petri.rouvinen@avance.com) is at your disposal for any queries you may have in relation to the measures outlined above as well as future Finnish policy responses in relation to the coronavirus pandemic.

[1] The official press release can be viewed here https://vnk.fi/en/article/-/asset_publisher/hallitus-totesi-suomen-olevan-poikkeusoloissa-koronavirustilanteen-vuoksi.

Avance and its individual lawyers continue their strong performance in the Chambers Europe rankings. The newly released 2020 edition ranks, as in previous years, the firm’s market-leading Corporate/M&A and Real Estate practices in the top tier (Band 1). Also the firm’s Banking & Finance, Capital Markets, Competition/European Law, Energy & Natural Resources, Dispute Resolution and Restructuring/Insolvency competences receive praise from clients and market participants, e.g. as follows:

• Impressive practice offering expertise in large, international M&A transactions. Clients praise the team for its "responsiveness and commercial, problem-solving mind set." (Corporate/M&A)
• Another client highlights the firm's "really good people, who always think of the benefit of the client," adding that "you don't need to ask them to do something, because they have already done it, so they are proactive as well." (Corporate/M&A)
• Market-leading department universally revered for its unrivalled transactional expertise. Clients laud the team's "high level of expertise and entrepreneurial attitude." and highlight the lawyers' "good responsiveness and collaborative approach". (Real Estate)
• Advises national and international clients from the healthcare and financial services industries on a range of competition law issues. Active on both abuse of dominance and merger clearance mandates, as well as broader competition law compliance. Assists with public procurement and state aid mandates. Also conducts in-depth analyses for clients on competition law matters. (Competition/European Law)
• One client praises the team's "excellent lawyers, who are very knowledgeable and engaged" and another client comments: "All Avance’s experts we worked with have the ability to think bigger and put issues in larger context. This was very important to us." (Competition/European Law)
• Solid banking and finance practice with an established presence in the Finnish market. Sources highlight the firm's client service, stating that the lawyers are "very flexible and devote lots of time to understanding the customer." A client further notes the team's ability to "see the big picture; they get the most important things done for us."(Banking & Finance)
• Robin Nordblad is noted for his broad capital markets practice, handling both ECM and DCM mandates. He has experience in bond and note issuances as well as IPOs. (Capital Markets)
• Ulla Vuokila handles corporate and commercial litigation and arbitration. Clients laud her flexible approach and value that she "always makes things happen within the required time". (Dispute Resolution)
• Salla Suominen has experience defending clients in recovery claims and clawback proceedings. She also assists companies and their subsidiaries with the process of filing for bankruptcy. Sources enthuse that she is a "very bright and skilful lawyer who is able to understand her clients' cases and present elegant proposals." (Restructuring & Insolvency)
• Acts for a diverse clientele of energy companies and investors with interests in the energy business. Particularly experienced advising on matters relating to distribution networks. The firm is praised for its "efficient use of resources on assignments." (Energy & Natural Resources)

Senior Associate Sanna Kaistinen has been elected Chair of Young Arbitration Club Finland (YACF) in the association’s annual meeting on 11 March 2020.

YACF is an association for young lawyers and other professionals interested in arbitration and alternative dispute resolution. Founded in 2012, YACF seeks to promote arbitration in Finland and to increase awareness of Finnish arbitration abroad by providing lawyers aged 40 and below a forum for exchanging views and networking. YACF currently has some 150 members among a broad spectrum of lawyers, including in-house counsel, academics and attorneys.