Similarly to the rest of the world, the major factor affecting every aspect of life is COVID-19, however, despite the crisis, things are going rather well in Estonia, according to Lextal Partner Kristi Sild.
"In terms of political developments, the overall situation remains quite stable. We have not witnessed any major political shake-ups, despite the existing external threats," Sild explains. "With regards to the pandemic, the government tried to keep the public in the loop as much as possible. The country has been quite liberal with COVID-19 restrictions and, although the number of cases is fluctuating, restrictions are being adjusted accordingly. At the moment, for instance, the schools are open and individuals are allowed to work from offices."
Sild highlights that vaccination-related regulations have impacted law firms’ activities as well. "The segregation of vaccinated and unvaccinated people has led to polarization and tensions internally," she notes. "Even though vaccination is not mandatory as such, proof of vaccination is needed to enjoy many aspects of social life, such as going to the restaurants. We have a significant rise in the number of labor disputes due to the dismissal of unvaccinated persons. These cases are very interesting from a human rights perspective."
Sild points out that "the economy is booming, as M&A and investment activities are very high and, overall, there is a lot of money on the market. Certain investors even ran into the problem of finding real estate assets that can be purchased." According to her, "a significant factor contributing to the high level of economic activity was the release of pension funds."
"This year has also been characterized by the unusually high level of IPOs, which are normally quite rare in Estonia," she adds. "The process is frequently referred to as the ‘IPOdrome.’"