Azerbaijan

Caspian Legal Center is a Baku-based law and tax consultancy firm advising domestic and international clients on Azerbaijani law. The firm provides legal and tax advice across corporate, financial and regulatory matters.

Highlights: The firm is active in corporate and commercial work, banking and finance and project development, with experience advising on matters related to the oil and gas sector and financial services regulation. Its work includes supporting clients on cross-border transactions and international operations.

Dentons operates in Azerbaijan through its office in Baku as part of Dentons’ global law firm platform. The firm advises domestic and international clients on Azerbaijani law, supporting both local and cross-border matters.

Highlights: The firm is active in banking and finance, capital markets, corporate and M&A and project development. Its work includes advising on financing transactions, debt restructurings and project finance, as well as supporting projects in sectors such as energy, infrastructure and construction.

KPMG Law Azerbaijan operates in Azerbaijan as part of the KPMG global professional services network, with an established presence in Baku. The firm advises domestic and international clients on Azerbaijani law, working closely with KPMG’s tax and advisory practices.

Highlights: The firm is active across corporate and M&A, banking and finance, financial services regulation and restructuring matters. Its work includes advising on corporate, regulatory and transactional issues across a range of industries.

MGB Law Offices was established in 1995 and is an independent law firm based in Baku, Azerbaijan. The firm advises domestic and international clients on Azerbaijani law across a range of corporate and commercial matters.

Highlights: The firm is active in corporate and M&A, joint ventures, real estate investments and cross-border finance, as well as project-related work. Its experience spans sectors including aviation, telecommunications, technology, healthcare, retail, transport and logistics.

Omni Law Firm was founded in 2002 and is an Azerbaijani law firm based in Baku. The firm advises domestic and international clients on Azerbaijani law, supporting corporate and commercial activity in the local market.

Highlights: The firm is active in banking and finance, capital markets, corporate and M&A, restructuring and project development. Its work includes advising as local counsel on financing transactions, corporate reorganisations and project-related matters across a range of sectors.

BHM Baku Law Centre is new to the rankings this year. The firm is led by managing partner Anar Baghirov and was established in 2001. It has been active in the construction, banking, oil and gas, and telecommunications sectors. "Anar Baghirov has a brilliant mind and a profound ability to amicably resolve the most complex cases," one client says. "The advice he gives is trustworthy, compassionate and intelligent. He is one of the most effective lawyers and a man of outstanding character, integrity and principles."

It also has a subsidiary called BHM Consulting Law Company in Kazakhstan that was involved in a large regional project supporting the investment of Azerbaijani capital into the civil aviation of Kazakhstan.

The firm retains its independence but is good at building alliances. It has a joint-venture with Austrian firm Lansky Ganzger & Partner, close relations with Russian law firm Pepeliaev Group and a partner company in Bahrain that offers services for clients interested in Bahrain and other Gulf countries.

In Azerbaijan, MGB Law Offices is a high-class act. With Ismail Askerov and Elchin Mammadov at the helm, the domestic firm is known for its sturdy finance practice and expertise in the oil and gas sector. It also has an established 'best friends network' with connections in countries such as Georgia and Kazakhstan.

The duo of Askerov and Mammadov has been involved in some interesting mandates in the last 12 months. Askerov advised DVB bank in a $380 million loan facility to a Cayman based vessel owner. The deal relates to the refinancing of six ships operating in the Caspian Sea. Mammadov advised a consortium of large European banks in the Azerbaijani law aspects of a $130 million syndicated loan to a state owned bank in Azerbaijan.

Omni Law Firm easily retains its position at the top of the table after successfully showing, once again, its strength in capital markets, finance and corporate work. "We have very good work relations," one client says. "It's responsive, speaks good English and is one of the top firms there [in Azerbaijan]."

Partner Roman Alloyarov has been especially active last year and was involved in the largest capital markets transaction out of Azerbaijan. Alongside managing partner Jeyhun Bayramov, Alloyarov advised the State Oil Company of Azerbaijan (SOCAR) in a $1 billion Eurobonds issue.

The firm, known for its close connections to state institutions, also advised SOCAR in a $17 billion oil gas processing petrochemical complex project. The project is expected to be financed on a project finance basis and it is significant for the strategic development of the country.

The firm does have a diverse client base though and in the research period it picked up new clients such as Citibank, Crédit Agricole, China Development Bank, Marks and Spencer and Thomson Reuters.

BM Morrison Partners are the big winners this year. Clients and peers have been watching the firm advance for some time but this year it finally breaks into the second tier of IFLR1000's financial and corporate rankings. In January 2013, the firm was buoyed by the high-profile hire of Aykhan Asadov who joined as managing partner from Baker & McKenzie. "I'm very happy with its quality," one client says. "The team is solid and professional. I have no complaints and am thankful for the work."

The firm is preferred by state agencies and has been active in the debt capital markets. After Farhad Mirzayev, Delara Israfilova and Mustafa Salamov's successful work on the $500 million debut Eurobonds issue of the State Oil Company of Azerbaijan Republic (SOCAR), Asadov took the lead in advising the same client on its latest $1 billion Eurobonds issue to refinance its existing debt and fund upstream and downstream operations. The firm also advised a consortium of mostly Czech banks in the €409 million financing for the reconstruction and extension of a motorway in Azerbaijan. The financing was secured by a sovereign guarantee issued by the state through the Ministry of Finance.

The firm has a number of key clients such as Nestle, Samsung Electronics, Credit Suisse and Boeing. However, it continues to grow after winning new clients such as RWE, Merck and Andrade Gutierrez. It has also picked up new domestic clients in the energy, healthcare, and construction sectors.

In light of the challenging economic circumstances in Azerbaijan, MGB Law Offices has been expanding the scope of its practice in order to meet the new realities of the market. Recent work has seen it acting on a number of financing projects and it has been focusing on strengthening the debt restructuring and collection aspects of its work.

During the research period the firm was notably active in the aerospace sector. One example of that saw it acting for Silk Way Airlines in securing a bridging facility for the state-owned cargo airline.

The team welcomed a new partner to the team this year when Kamil Valiyev, formerly of Baker McKenzie, joined the firm in March 2017. Previously head of legal at the State Oil Company of Azerbaijan Republic, he is recognised as one of the leading names for oil and gas project work in the country.

Beyond Silk Way, other major clients the firm has advised recently include the European Bank for Reconstruction and Development (EBRD), the Emerson Electric Company and Investeringsfonden for Udviklingslande, a Danish investment fund for developing nations.

Client feedback

“This is an excellent local firm, focused on servicing international clients doing business in Azerbaijan. They have highly proactive partners who are client focused and providers of first class legal advice on the local business and legal environment.” – Project development

“I was fully satisfied with MGB Law Offices. They are quick-to-respond, accurate and effective lawyers.” – Corporate restructuring

Ismail Askerov

“He is a highly experienced professional with a deep knowledge of Azerbaijan and other CIS countries.”

“Ismail is a professional who is easy to communicate with.”

MGB Law Offices is best known for its banking and M&A work, and experienced in project financing and debt restructuring. 

The firm notably acted for GTLK in relation to the acquisition of a Boeing aircraft by the Regional Cargo Aircraft Operator. A further aviation deal saw the firm represent Penerbangan Malaysia Berhad on the subleasing of two B747 freighter aircraft to Silk Way West Airlines in Azerbaijan. 

Notable oil and gas work included acting for Hydratight in relation to corporate and contractual matters and requirements of Azerbaijani production sharing agreements, and for British company, Millers Oil, in connection with the establishment of its operations in Azerbaijan.

In one change during the research period, Kamil Valiyev, formerly of Baker McKenzie, joined the firm as a partner. Having previously worked as the Head of International Projects within the Legal Department at the State Oil Company of Azerbaijan Republic (SOCAR), he is recognised as one of the leading names for oil and gas project work in the country.

Other clients of the firm include the Emerson Electric Company and the German Investment Corporation, a fund for developing nations.

Client feedback

“Good attention to detail and very responsive. The advice was of a very high standard for a jurisdiction such as Azerbaijan.” – Banking

“Prompt responses to requests, and accurate replies.” – M&A

“The firm provided very high level consultancy for our ongoing oil and gas project. Their strengths are its very professional knowledge and experience in legal aspects of the international petroleum industry, its very attentive relations with clients, and its timely responses.” – Project development

Grata International has a wide regional network of offices across Central Asia. It also has a China desk and relationships with firms in Central and Eastern Europe. Locally it is more recognised for corporate transactional advice. 

During the research period the firm worked on the first PPP project in Azerbaijan, advising the winning bidder. 

Recent Deal Data highlights 

• Baku State University / Azerbaijan State Oil & Industry University PPP  

Adrem Attorneys offers a boutique service and is known for its strong banking and M&A offering. 

The firm regularly represents local and foreign acquirers and sellers in major M&A transactions in the financial services, pharmaceuticals and real estate sectors. A recent highlight saw the firm set up a trade finance scheme for a large IT distributor in Azerbaijan. 

Recent Deal Data highlights

• Gulfstream Distribution financing 

Established in 1992 and headquartered in Zurich, GRATA International is an international law firm focusing on the former Soviet Union and Eastern Europe. The firm’s office in Azerbaijan was established in 2003.

Focusses / specialisms

The firm is active and provides a wide range of services across the full spectrum of financial and corporate and project work in Azerbaijan.

Key clients

Key clients include Servier, Pfizer HCP, CaspianSat, CNIM Azerbaijan, Carlsberg, Berry, Appleman & Leiden, Fragomen and Uber.

Omni Law Firm is a leading Azerbaijani law firm founded in 2002.

Focusses / specialisms

The firm has a market leading offering in several financial and commercial areas.

In banking it often acts as a local counsel to prominent local corporates and global banks in relation to various financing matters.

The capital markets team is extremely active and handles the highest volume of work of any law firm in the country.

The firm has a strong corporate practice, often featuring on a share of the country’s complex deals, with restructuring being an area of growth in recent years.

The project development practice is equally strong to its financial and corporate offering, thanks to its capacity to provide comprehensive legal support to some of the largest projects in Azerbaijan.

Key clients

Key clients include SOCAR (State Oil Company of the Azerbaijan Republic), Ministry of Energy of the Republic of Azerbaijan, MOL - Hungarian Oil and Gas, Saudi Aramco, JP Morgan, Raiffeisen Bank International, Sberbank, Gazprombank, EBRD, IFC, Black See Trade and Development Bank, Marriott, AZAL (“Azerbaijan Airlines”) and Azercosmos.

The team at independent domestic firm BM Morrison Partners has a record of providing Azerbaijani law advice on a wide range of matters to major international clients. During the research period this ranged from advising the lead managers on bond issues relating to the financing of the Southern Gas Corridor to assisting with equity investments into the local agriculture sector.

Though the firm is active in a number of areas, it works with a number of different clients in both the banking and energy sectors.

Significant recent clients have included JPMorgan Securities, Citigroup Global Markets, UniCredit and the Caspian International Investment Company, a state-owned venture capital vehicle.

Set up in January 2018, following the closure of Baku’s Baker McKenzie office, Altay Mustafayev Law & Tax has worked on several mandates passed on by the closed local office of the international firm.

Deal highlights include work on the sale of AXA Mbask, the acquisition of a company in Azerbaijan by Oceaneering International and on Siemens Austria’s exit from its joint venture with the State Oil Company of Azerbaijan Republic (SOCAR) and Nobel Oil. Elsewhere, the firm also advised VisionFund AzerCredit on the first voluntary bankruptcy case in the jurisdiction.

Bank Respublika, Christian Dior Couture and Citibank are key clients of the firm.

Ekvita is broadly experienced in commercial and oil and gas work, representing several international oilfield service companies on business in Azerbaijan. Infrastructure and Islamic finance are also practice areas where the firm has expertise.

A highlight M&A deal saw the firm advise on the establishment of Mercury Trading, a joint venture between Azerbaijani, Russian and Qatari stakeholders. In the same practice area, the firm also represented an individual buyer in the sale and purchase of 100% of AXA Mbask’s shares.

In the research period, the firm has acted on an assortment of issues in oil and gas. A notable task involved representing Japanese company Inpex in complying with Azerbaijani laws during its survey, exploration, purchase and sale of oil in the country. In other project development work, the firm has been involved in transport and real estate projects, notably representing Azerbaijani Railways in a range of issues on its assets and property. Ekvita’s close association with Statoil prompted it to become the firm to provide legal support on the establishment of two new offices in the region.

The firm rises to tier two in the project development rankings. 

Baker Hughes, Petronas and Toyota are among the firm’s prominent clients. 

Omni Law Firm is one of the leading firms in the market and this year acted on a raft of impressive deals. The firm is best known for capital markets work, a rarity in the jurisdiction. 

Within the financial and corporate space, a clear highlight for the team was working on the capital increases of AccessBank and VTB Azerbaijan, despite the challenging economic circumstances in the country. 

The firm assisted several international financial institutions on the financial restructuring of Demirbank, including the provision of advice on debt-to-equity conversion and bankruptcy related matters

In M&A, the firm worked on the acquisition of a majority stake in Azercell, the largest mobile operator in the jurisdiction.

The firm remained active in the oil and gas space, notably acting for the South Gas Corridor and the Ministry of Finance in a number of debt-raising transactions, including on the financing of the Azerbaijani share of the Shah Deniz gas field.

A significant staffing change during the research period was the departure of partner Elchin Mammadov, who left to go into private practice before joining PwC Legal.

In addition to the above, the firm has recently advised entities including local corporates such as the State Oil Company of Azerbaijan Republic (SOCAR) and Azerbaijan Airlines, as well as global banks including Raiffeisen and Sberbank.

The Baku office of Dentons is one of the leading names in Azerbaijan’s legal market across the board. The firm has significant experience working on cross-border deals in the region. 

In banking, the firm notably acted on corporate financings such as advising Goldman Sachs on a loan to the State Oil Company of Azerbaijan Republic’s Turkish subsidiary. Elsewhere, the firm also picked up work advising a Turkish mobile communications network on the sale of its interests in Azerbaijan.

Notable oil and gas work included advising Total in connection with the Absheron offshore project, one of the three largest oil and gas projects in Azerbaijan. Other project work included lead roles in the reconstruction of Flag Square in Baku and on the construction of railways in Georgia.

In one prominent change during the research period, counsel Farhad Hajizade opted to move in-house to become the Chief Legal Counsel at Lighthouse Geo.

The firm rises to tier one in the financial and corporate rankings, following the consolidation of its services in the area.

Other international clients of the firm include Colgate-Palmolive, Goldman Sachs and the Islamic Development Bank.

Client feedback

“Overall the impression is that the counsels are well-equipped with knowledge and expertise.” – Banking

Capital Legal Services is recognised for its financial and corporate work and is active in the projects space.  

Within the projects and banking areas the firm has regularly represented international banks on loans to oil and gas companies for the construction of petrochemical complexes in Azerbaijan, often backed by a state guarantee. 

Set up in January 2018, Altay Mustafayev Law & Tax has a focus on cross-border transactional matters and regularly works for borrowers and lenders on deals within the financial services and oil and gas sectors. 

During the research period, the firm worked on some of the largest bank and non-bank restructurings in Azerbaijani history as the country looks to clean up its financial services industry.  

The firm has also been very active in M&A, notably assisting international clients in exiting joint ventures, and local banks with acquisitions of loan portfolios. 

Recent Deal Data highlights 

• AccessBank $100 million financial restructuring
• FINCA Azerbaijan restructuring
• Zenith Energy Merkur Market IPO 

Dentons is a leading performer in Azerbaijan across the financial and corporate space, with further strength in power and oil and gas projects. The only international firm in Azerbaijan, it often attracts large, cross-border lending and restructuring mandates. It has experience on deals in sectors including banking, financial services and real estate. 

In the M&A space during the research period, the firm recently assisted international clients in exiting joint ventures following the oil crisis. The firm, which has been involved in the development of the domestic capital markets framework, has worked on equity and debt capital markets transactions. 

Recent Deal Data highlights 

• AccessBank $100 million financial restructuring
• AzInTelecom €222 million acquisition of 51.3% stake in Azercell
• STAR Rafineri 

Client feedback

"Excellent - timely and efficient." – Banking

"They were very responsive and professional. Made a good impression." – Banking

"Has an excellent reputation advising local and international clients from a wide range of industries, on all types of commercial agreements." – M&A

"They are doing a great job against a very difficult company who seem to believe they are above the law." – M&A

"Excellent support, very good communication." – Project development

"Very proactive communicators. They have a detailed knowledge of situations in the country, and provided numerous options for decisions." – Project development

Allied Legal Partners works on a mix of financial and corporate and projects work in Azerbaijan. 

The firm’s transactional work has been primarily within M&A, where it assisted clients on the sale and purchase of ground support and security control equipment. 

The firm has also participated on public procurement tenders in the project development space. 

A notable staffing change saw the arrival of corporate specialist Samir Hadjiyev as managing partner from PwC Legal. 

Client feedback

"Very professional and experienced team." – Project development

Baku based Altay Mustafayev Law & Tax is an Azerbaijani full-service law firm focused on transactional work. The firm was established in 2018.

Focusses / specialisms

The firm covers the full spectrum of financial and corporate work including M&A, banking, bankruptcy, cross-border capital markets and Eurobonds. The firm is an able adviser in the financial services, oil and gas and IT and telecommunications sectors.

Key clients

Key clients include AXA, Cisco, Google, Apple, Visa, Master Card, European Investment Bank, Raiffeisen Bank International, Wells Fargo, Citibank, Christian Dior Couture, Accenture, Hilton, Marriott, Credit Suisse, Hewlett-Packard Enterprise, AFFA (Association of Football Federations of Azerbaijan), Sanofi, Siemens, Total, Ecolab/Nalco, ChampionX, Oceaneering International, FINCA, 3M and Saba.

Despite the slump in the market following the collapse of the oil price, the team at Ekvita continues to provide legal support to a variety of companies on inward investment into the market as well as exits from it, along with providing project development assistance.

It remains active in the oil and gas market, despite the slump, which remains central to the Azerbaijani economy.

Major clients of the firm during the research period included international players such as Statoil and Petronas as well as some domestic institutions.

Client feedback

“Ekvita is a proactive young law firm. They are always there for you and your corporation's needs and the team is talented, kind and prompt in response to your needs.” – M&A

“The team there is highly competent, reliable and fast.” – Banking and finance

Sharaf Asgarova

“Sharaf is an active associate and prompt in response to our needs.”

“Highly reliable, fast and competent.”

Anar Karimov

"Anar Karimov is co-operative and trustworthy.”

Formed in 2017, LAN Law Chambers is a full-service domestic firm.

Among other work during the research period, the firm negotiated sale and purchase agreements alongside international firms.

Client feedback

“The law firm displayed professionalism in providing legal consultation in the area of telecoms and technology.” – Banking

“The partners from LAN Law Chambers provided fruitful advice on a shareholders' agreement we intended to sign at the time, and certain provisions of Labor Code of the Republic of Azerbaijan.” – M&A

GRATA International has a wide network with further offices across Central Asia in Kazakhstan, Kyrgyzstan, Mongolia, Tajikistan, Turkmenistan and Uzbekistan, a China desk and partnerships with firms across Central and Eastern Europe. Operating in Azerbaijan since 2003, Grata International has primarily worked on general corporate support for the establishment of legal entities and on the assistance of multi-jurisdictional M&A deals.

Like its Central Asian neighbours, the firm’s Baku branch takes an integrated ‘one-stop-shop’ approach to its services. Key sectors for the firm include aviation, financial services and pharmaceuticals.

The China Development Bank, Figensoft and Pfizer are among the firm’s notable clients.

Comfortably among Azerbaijan’s strongest firms, Omni Law Firm is renowned for its banking expertise and capital markets work. The firm has significant breadth and experience in the jurisdiction and has undertaken market-leading work across the board. 

The firm regularly represents the buyers in large-scale M&A mandates and international financial institutions in large restructuring matters. The firm is also notably experienced in the oil and gas sector thanks to its longstanding relationship with SOCAR, which it currently works alongside on the jurisdiction’s largest project financing. 

During the research period the firm hired projects specialist Nigar Jafarova as a partner from the now-defunct LAN Law Chambers. 

Recent Deal Data highlights 

• AzInTelecom €222 million acquisition of 51.3% stake in Azercell
• Shah Deniz II
• VTB Azerbaijan capital increase 

BDO Law is the Azerbaijani legal branch of the wider BDO network, which provides accountancy and other business services. The firm is active across the financial and corporate space. 

While most of the firm’s work concerned tax and legal support services, some transactional mandates saw the firm act for clients on restructuring and share transfers. 

In the project development area the firm worked for its clients on FIDIC contracts in relation to construction projects. 

Client feedback

"Open and responsive lawyers, with great communication skills. Provided good advice on legal matters." – Banking

The legal arm of professional services firm, EY Law, is broadly experienced in matters concerning M&A in Azerbaijan.  

The firm regularly works on transactional support services for a mix of acquisitions, joint ventures and financial investments, when supporting domestic acquirers. Sectors that have been active for the firm during the research period include construction, food services and technology.

Client feedback

"Very professional, with good feedback. Very responsive and friendly in their contact." – Banking

"Pretty dynamic, very responsive, and provides practical solutions." – Capital markets: Equity

"Very professional, knowledgeable, and with a good response." – Restructuring and insolvency

Caspian Legal Center is a Baku-based full-service law and tax consultancy firm.

Focusses / specialisms

The firm is active across the financial and corporate space. It has a broad sectoral coverage and frequently represents Azerbaijani business entities overseas, including in Turkey, Russia and Georgia.

The firm has a highly capable transactional offering in banking and capital markets, where it often advises on deals with cross-border components.

The firm’s M&A team often acts on buy-side and sell-side transactions within the real estate and tourism sectors. Another common role for the firm sees it involved in representing distressed clients as they undertake financial restructurings or liquidations. 

The firm also has a highly capable project development practice that is known for advising foreign clients on local projects.

Key clients

Key clients include- Four Seasons Hotel, British American Tobacco, HCL Technologies, Synergy Resourcing International, Scanwell, Enhanced Drilling, Subseaquence, Bolt, Gilan Holding, Tetra Pak, Huawei Azerbaijan and Fearnley Procter

Research period review: 31^st edition (2020/21)

The firm was active in the banking space, where it provided advice to an international clientele on liquidation processes in Azerbaijan. The firm also provided regulatory legal advice on mandates with cross-border elements.

In M&A the firm predominantly worked on share transfers and restructuring transactions.

The firm’s project development practice was active in supporting international clients on financing, regulatory and restructuring elements of their projects in Azerbaijan.

Established in 1992, BM Morrison Partners became the first private law firm in the Azerbaijan following its independence.

Focusses / specialisms

The firm is active across all major practice areas and industry groups.

It has a superlative energy project development practice and is highly experienced in banking and finance work. The firm has recently focused and excelled in the renewables sector.

Key clients

Key clients include Star Mining, Bolt Technology, Samsung Electronics, Nestle, Takeda, Emerson, ICRC, Agence Francaise de Developpement, Gazprombank JSC, Glencore, Pasha Bank, Caspian Pipe Coatings, China Development Bank, IBRD (World Bank), EBRD, GlaxoSmithKline, YUM/KFC, Zurich Insurance Company Ltd and Koc Finansal Hizmetler.

Dentons is a law firm with a wide global reach- featuring 190 offices in 77 countries. In Azerbaijan, the firm fields legal teams in its Baku office.

Focusses / specialisms

The firm is a market leader in several financial and corporate areas in Azerbaijan, having acted on some of the most important matters in the country since its independence.  

It has a strong banking team which has pioneered Islamic finance and debt restructuring in Azerbaijan. The team is also very strong in project finance work.

The firm is recognised in the capital markets space, where it has notably worked on the first Eurobond issue in the country.

In M&A and corporate work the firm often works on the most impactful transactions on the market and has a wide sectoral cover.

The firm’s project development team is well recognised for supporting significant undertakings in construction, infrastructure and energy.

Key clients

The firm’s key clients include such names as Gilan Holding, Citigroup, Raiffeisen Bank, Pasha Investments, Landesbank Baden Württemberg, Access Bank, Azerkontrakt, Azerbaijan International Mining Company and Petronas.

Client feedback: 31^st edition (2020/2021)

Banking and finance

"Dentons Azerbaijan are very responsive, knowledgeable, helpful and the lawyers have good command of English in delivering their advice."

Capital markets

"High-calibre professionals providing excellent quality work, excellent responsiveness, continued engagement and follow-up."

Financial restructuring

"Very prompt and attentive, generally a very good service."

M&A

"Professional, well-presented, accurate advice."

Project development

"Dentons is the only international law firm left in Azerbaijan, has good understanding of the local market and a great team of lawyers. They are responsive, diligent, practical and business-friendly."

"Very responsive and very professional feedback."

Project development: Energy

"Proactive in identifying solutions. Fast reaction. Good explanation of local legislation to a common law client."

"Comprehensive legal advice."

Restructuring and insolvency

"Very knowledgeable, well connected and respected in jurisdiction. Very fast response time to requests, despite time differences. Communicate very well with C-suite and top executive levels of the client company. Thoughtful advice."

One of the leading independent law firms in the Azerbaijani market, Omni Law Firm has in the recent past been working on some notable capital markets mandates, a rarity in the jurisdiction. This has included assisting the South Gas Corridor as local counsel in connection with the issue of two $1 billion bonds.

Energy and banking remain the most active areas of practice for the firm. It has recently worked on a number of matters relating to financing packages for both domestic banks and national institutions.

In addition to Southern Gas Corridor, the firm has recently advised major entities such as the State Oil Company for Azerbaijan Republic, Azerbaijan Railways and the International Bank of Azerbaijan.

Client feedback

“Omni provides a high-quality service in line with the major international firms. They are very knowledgeable and commercial in their outlook.” Capital markets: Debt, M&A

Roman Alloyarov

“Roman is at the top of his game. We make an effort to get to him quickly for new transactions for fear that he might get snapped up by the other side.”

BDO Azerbaijan is the domestic legal branch of the BDO network. The firm’s Baku office is best known for providing general corporate advice. 

Recent work includes mandates acting for an international development bank and for a large port on the Caspian Sea.

BHM Baku Law Centre is recognised for financial and corporate work and recently has been active across sectors including agriculture, banking, construction and natural resources. 

In a notable deal, the firm acted on the financial restructuring of Ismayilli Sharab, a wine producer in the jurisdiction. A further highlight during the research period was representing Uzavto Baku on a merger.

The firm underwent a change at the top, with corporate and projects lawyer Mehman Sultanov replacing Anar Baghirov as BHM Baku Law Centre’s managing director, after he departed to join the Azerbaijan Bar Council.

The firm rises to tier two in the financial and corporate rankings. 

The Azerbaijan F1 Grand Prix, Pasha Bank and Zenith Aran Oil are among the firm’s key clients.

Client feedback

“Employees of the firm are very accurate and very responsive.” – Banking

“Lead negotiations and provide consultations at a high level, and render high-level judicial services on sale and purchase agreements, lending, leasing, and franchising.” - Banking

“A credible company. They succeed in winning all cases transferred to them. They are very customer-centric and it can be noted as their strength.” – Banking, restructuring and insolvency

“Professional, with a good team of lawyers.” – Banking, restructuring and insolvency

BM Morrison Partners is recognised as one of the leading projects firms in Azerbaijan and is particularly experienced in oil and gas financing work. The firm also has a strong corporate offering which regularly acts for international financial institutions. 

The firm has been active in the banking and M&A in sectors such as food and beverage, technology and transport. 

Among other recent projects deal highlights, the firm is involved in cross-border project financing mandates for several of Europe’s largest gas pipelines, assisting regional and commercial lenders. Notably, it assisted the Multilateral Investment Guarantee Agency (MIGA) in a rare deal (a financing) for the client in Azerbaijan.  

Recent Deal Data highlights  

• Neptune Oil & Gas $3.9 billion acquisition of majority stake in Engie exploration and production business
• Trans Adriatic Pipeline
• Trans-Anatolian Natural Gas Pipeline

Client feedback

"The team were excellent. Their advice was prompt, detailed and sensitive to the commercial realities." – Banking

"Very responsive, and has a very good working service." – Banking

"Very patient, polite and hard-working." – Project development

MGB Law Offices is one of the leading firms in the market and regularly acts on impressive deals. The firm is active in M&A, lending and debt restructuring in sectors including commodities and energy.  

The firm has a strong record in financing mandates, partly because of its longstanding relationship with the European Bank of Reconstruction and Development, which it works with to support mid-sized Azerbaijani businesses. The firm also has a strong aviation finance practice, and has recently assisted on bridge and operating financings for the acquisition and lease of aircrafts. 

Recent Deal Data highlights 

• Azerspace-2 
• Bank Respublika debt restructuring
• Veyseloglu $5 million financing 

Azem & Partners is active in the Azerbaijani legal market on financial and corporate matters. 

The firm has a focus on restructuring and insolvency matters, and often works on queries regarding bankruptcy and business restructuring.

The legal team of professional services firm, KPMG, is best known for its M&A work in Azerbaijan.  

The firm assists on transactional support services for a mix of acquisitions, mergers and partnerships, when supporting domestic acquirers and sellers. Sectors that have been active for the firm during the research period include construction, and oil and gas. 

A notable staffing change saw corporate partner Mushfig Aliyev depart to join Ekvita. 

Remells Law Firm is an Azerbaijani law firm located in Baku.

Focusses / specialisms

The firm is highly competent in assisting both multinational and domestic clients on aspects of their businesses outside of Azerbaijan, with M&A, corporate restructuring and loan agreements being some of the key pillars of the firm’s financial and corporate expertise.

It has an able projects practice which has a track record of excellence in the Azerbaijani oil and gas sector.

Key clients

Key clients include Port of Baku, Liebherr, BITAZ, SOCAR, Filuet (Herbalife), BDO and Veyseloglu.

The multinational professional services firm KPMG has been present in Azerbaijan since 1998. It has operated a full-service office in Baku since 2011.

Focusses / specialisms

The firm is visible across several areas within the financial and corporate space including M&A, financial services regulatory, investment funds and project finance.

Client feedback: 31^st edition (2020/2021)

Project development

"The work has been done in time, operatively, always ready to help, ready to advise and show the right way."

Restructuring: Corporate

"Concrete and quick replies, good knowledge of the local legal and administrative systems, flexibility, high quality of work."

As part of the largest international network in the world, the Azerbaijani office of Dentons is able to leverage that position into significant mandates in the domestic market. In particular, the firm’s strength lies in financing work, regularly working with both lenders and borrowers.

It is unsurprising, therefore, that the team’s core strength lies in the banking sector where it consistently provides advice to both domestic and international banks.

Examples of some of the key clients it has recently worked with include Bayerische Landesbank, the European Investment Bank and Société Générale.

BM Morrison Partners is recognised as one of the leading projects firms in Azerbaijan, experienced in energy and mining. The firm also has a strong financial and corporate offering, which regularly acts for international financial institutions.

In the banking space, the firm notably worked on the establishment of the first Azerbaijani private credit bureau for Creditinfo International. Among other highlights were advising Bank Standard on its liquidation and bankruptcy proceeding, and representing the European Bank for Reconstruction and Development (EBRD), as lender, on a secured synthetic loan to manufacturer Metak. In a capital markets mandate, the firm provided the Azerbaijani law review of the prospectus, as Zenith Energy launched an IPO on the LSE.

During the research period, the firm was involved in large, cross-border project development ventures including on a gold ore mining agreement, the development of a petrochemical plant in Sumqayit, and for a developer on a free zone issue.

The firm rises to tier one in the project development rankings in recognition of its recent work in the area. 

Notable clients of the firm include the Azerbaijani Ministry of Finance, China Investment Corporation and CVC Capital Partners.

Client feedback

“We really appreciate the lawyers' and partners' professional approach to their matters and their ability to meet deadlines. They always study the issue thoroughly and provide extensive responses and clear advice on the next steps. We can also highlight the high quality nature of the documents prepared by the firm.” – Banking

“The overall level of service is high, they always meet deadlines and provide professional services. The service fee is quite reasonable.” – Banking, M&A

“Very responsive and provides sensible advice.” – Project finance

Caspian Legal Center is active across the financial and corporate space. 

The firm’s M&A team often acts on buy-side transactions within the real estate and tourism sectors, representing luxury hotels. Another common role for the firm sees it involved in representing distressed clients as they undertake financial restructurings or liquidations.  

The firm’s projects team acted on a number of engineering services agreements during the research period.

Client feedback

"They are customer-oriented and take steps to fulfill our requirements." – Banking

"A highly professional and very responsive legal team, who have deep knowledge of the legislation." – Project development

"Everything was performed at a high level. We were very pleased." – Project development

"They are a professional team of lawyers who have comprehensive knowledge in their field." – Project development

"They emphasized the key points." – Project development

Orkhan Beydiyev

"Excellent local knowledge in terms of the market and legal system. He has good international experience."

Farid Nabili

"A very professional lawyer who has deep knowledge of the legislation. He is especially professional in contract and tax law."

"Accurate, responsible, proactive."

"Customer-oriented. Helps fulfill our requirements."

"He is very co-operative and has a comprehensive approach to legal matters. He always consults us from different aspects of the deals."

Ekvita is broadly experienced in commercial and oil and gas work and represents several international oilfield service companies on business in Azerbaijan. Infrastructure and Islamic finance are sectors where the firm has expertise.  

Among the firm’s recent highlights were active on renovation and construction mandates for local public buildings and power plants.  

The firm recruited partner Mushfig Aliyev from KPMG following the departure of Anar Karimov to the government.   

Recent Deal Data highlights 

• Azerikimya Production Union ethylene-polyethylene facility
• Shah Deniz II 

Client feedback

"Highly qualified and client-oriented lawyers." – Banking

"We always receive sufficient and timely feedback on our requests." – Banking

"The firm always approaches our requests diligently, with due care and provides assistance within short time. They provide practical solutions, flexibility and reasonable prices - and these are the most attractive sides we see in the firm." – Capital markets: Debt

"Very professional, innovative, and proactive. They are comfortable using digital solutions." – Project development