` Karina Paatsi | COBALT

Karina Paatsi

Partner / Estonia


Karina Paatsi is a Partner at COBALT Estonia and head of the fields of employment law and corporate law. Karina advises clients with regard to commencement of business activities as well as all legal matters related to the everyday business activities of companies, including the restructuring, merger and liquidation of companies, matters related to the liability of the members of management bodies and corporate governance. She has long-term experience in counselling clients in matters related to employment relationships, including the preparation of employment contracts and other documents pertaining to employment law, termination of employment relationships and labour disputes.

In addition to her work as an attorney, Karina regularly gives presentations in professional conferences, gives lectures in the Estonian Business School and contributes to writing articles on topical issues.

Karina has been ranked by Chambers Europe in band 1 as a leading employment lawyer in Estonia.

Karina has been a member of the Estonian Bar Association since 2000 and she is also a member of the Employment Law Committee of the Bar Association since 2014.


  • Chambers & Partners, Employment, Ranked Lawyer, Band 1 – 2011 – 2024
  • The Legal 500, Employment, Leading Individual – 2019 / 2020 / 2021 / 2022 / 2023 / 2024
  • IFLR1000, Financial and Corporate, Expert Consultant – 2022
  • IFLR 1000, Financial and Corporate, Notable Practitioner – 2019 / 2020 / 2021 / 2022


  • Estonian, English, Russian

Membership & education

  • Member of the Employment law Commission of Estonian Bar Association (2014)
  • Estonian Bar Association (2000)
  • Master of Arts in Law (M.A.), University of Tartu, Faculty of Law, Estonia (1998)

    Via3L Spedition OÜ won in court against firm’s former managers

    Interchemie reached an agreement with Kepro in court

    Binalyze raised 19 million dollars in a Series A financing round

    Change Ventures invests in startup Formaloo

    The majority shareholder of Hansab sells its majority stake to BaltCap

    HellermannTyton acquires Estonian microduct manufacturing company Höhle

    COBALT advised the sale of district heating network company VKG Soojus to Gren

    COBALT advises Neo Performance Materials Inc. upon development of magnet manufacturing plant in Estonia

    COBALT assisted the client in an internal investigation and successfully defended the client in a cartel criminal case

    COBALT advised Avena Nordic Grain on selling its grain trade business to Scandagra Group

    COBALT advised Ekspress Group on acquiring Geenius Meedia

    COBALT advised Zurich Insurance Group on acquiring AlphaChat

    COBALT advised IBM on reorganization for separation of Kyndryl regarding Baltic jurisdictions

    COBALT advised Mid Europa Partners on acquisition of leading Baltics e-commerce platforms

    COBALT advised Levine Leichtman Capital Partners on acquiring Creditinfo

    COBALT advised Swedbank on evaluating structural changes at the Baltic level

    COBALT advised Biogen on launching its operations in Latvia and Estonia

    COBALT advised AS Ekspress Grupp in connection with option programs

    COBALT advises Flügger on gaining the majority stake in Eskaro group

    COBALT advises Ardian on acquiring Nevel Oy

    COBALT advised Algeco on the acquisition of Wexus

    COBALT advised Change Ventures on investment in fintech startup askRobin

    COBALT advised Steel Import Finland Oy on acquiring FinEst Metallid

    COBALT advised Baltic Agro Machinery OÜ on the sale of John Deere business

    COBALT advised Hansab Group on selling their stake in Moya OÜ

    COBALT advises Zeppelin Group on acquiring Baltic Marine Contractors

    COBALT advised Luminor, Nordea and DNB on closing transaction with Blackstone

    COBALT advised NEXTCLINICS on acquiring F-Est OÜ

    COBALT advised Luminor on cross-border merger

    COBALT advised European Diversified Infrastructure Fund II on investment in Utilitas, leading private Estonian energy group

    COBALT advised the sale and purchase transaction of Merit Tarkvara to Oslo-based Visma

    COBALT advised Luminor on obtaining ECB approval for cross-border merger in the Baltics

    COBALT advised Port of Tallinn on its IPO and listing on Nasdaq Tallinn Stock Exchange

    COBALT advises Luminor on reorganising its management structure

    COBALT advised Alexela Energia on a transaction with Adven Eesti

    COBALT advised Ambient Sound Investment on sale of Ecofleet Holding

    COBALT advised DNB on the creation of Luminor – largest ever transaction in the Baltic banking market

    COBALT advises on buyout of majority investors in Estonian glulam manufacturer Barrus

    COBALT advises the sale of successful start-up Teleport

    COBALT advises Nordea and DNB banks on issues concerning insolvent dairy producer Tere

    COBALT advises DAVA Agravis Machinery Holding on acquisition of 45% of shares in Konekesko Ltd

    COBALT advised Sports Direct International on purchase transaction

    COBALT advised Quattromed HTI Labs on purchase transaction

    We are driven by your recognition

    "She is very pragmatic," a client says, adding: "Her turnaround is swift and she is very time-conscious."
    Chambers and Partners 2021, Employment