Hannes Vallikivi

Managing Partner


  • Estonian, English



  • Banking & Finance
  • Capital Markets
  • Insurance
  • Corporate Law
  • Intellectual Property
  • IT and technology
  • Data Protection


Hannes Vallikivi specialises in the areas of banking and finance, insurance law, securities law, mergers and acquisitions, trademarks, intellectual property, and IT and telecom.

International independent journals Chambers Global and Chambers Europe have acknowledged Hannes as an experienced and well-known attorney who “knows banking and finance throughout and is really helpful in advising clients on issues related to this subject”.

Hannes has made a number of presentations regarding the issues of commercial law, IT, international law, and human rights.

Practice highlights

  • Advising investing banks on conducting Estonia’s largest initial public offering (IPO) of shares (the privatization of Eesti Telekom, part of TeliaSonera Group, worth 221 million USD) and listing on the London and Tallinn Stock Exchange.
  • Advising JPMorgan Chase and others involved on organising the 2 billion EUR bond program of Hansapank (now Swedbank). This is the largest-ever bond program in the Baltics to date.
  • Advising Swedbank on making a takeover bid and on the takeover of shares belonging to minority shareholders and delisting of the bank’s shares on the stock exchange. The 1.7 billion EUR deal is the largest ever single transaction in the Baltics.
  • Advising an international syndicate led by HypoVereinsbank (member of Unicredit) on a project worth 100 MEUR. Part of the project was aimed at financing a port development at the Port of Muuga by steel manufacturer Galvex (now ArcelorMittal). In its time, it was the largest Greenfield project in Estonia.

Professional experience

  • From 2016 – law firm DERLING, Partner
  • From 2016 – Estonian Bar Association, Chairman
  • 2002-2016 – law firm Tark Grunte Sutkiene, Partner
  • 2000-2005 – University of Tartu, Faculty of Law, Guest Lecturer
  • 1996-2002 – law firm Tark Grunte Sutkiene, Senior Associate
  • 1993-1996 – Ministry of Foreign Affairs of the Republic of Estonia, legal department, Attaché


  • University of Tartu, Master of Laws (cum laude), 2001
  • Academy of European Law, international program of criminal law (Trier, Germany), 2003-2005
  • Concordia University in Estonia, program of EU law, 1997
  • University of Tartu, Bachelor of Laws, officially equivalent to MA, 1996
  • University of Birmingham, training program about human rights, 1994


  • Author of the article “Piiriülese ühinemise ühinguõiguslikke aspekte. Baltikumi kogemus reguleeritavate ettevõtjate ühinemisel Euroopa äriühinguks” (Corporate Legal Aspects of Cross-Border Mergers. The Baltic Experience of Regulated Enterprises Merging into a European Company), Juridica journal IV/2007
  • Author of the article “Juhi elu pärast IPOt” (Life of the Manager After IPO), Investor ja ettevõtja journal, autumn 2006
  • Author of the article “Külgeklammerdatud rahastamine” (Stapled Financing), Finantsjuhtimine journal, 2007
  • Co-author of the book “Rahvusvaheline õigus” (International Law), Juura Publishers, 2002, 2004, 2007
  • Co-author of the book “Inimõigused ja nende kaitse Euroopas” (Human Rights and their Protection in Europe), Iuridicum Sihtasutus Publishers, 2003
  • Author of the monograph “Välislepingud Eesti õigussüsteemis” (Foreign Contracts in Estonian Legal System), Õiguskirjastus Publishers 2001
  • Other articles related to commercial law, international law, constitutional law, and human rights


  • From 2009 – IBA Banking Committee, Legal Opinions Sub-Committee
  • From 2007 – Listing and Supervision Committee of the Tallinn Stock Exchange
  • From 2007 – International Bar Association (IBA)
  • From 1996 – Estonian Bar Association