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Tumeno st. 4, LT-01109, 10117 Tallinn, Riga, Latvia Vilnius, Lithuania Estonia T: +371 67 24 00 90 T: +370 52 61 10 00 T: +372 61 91 000 F: +371 67 24 00 91 F: +370 52 61 11 00 F: +372 61 91 007 Profile by MARTIN DALE-HUBELL ® CURRENT ROLE EXPERTISE AND EXPERIENCE MANAGEMENT STYLE FUTURE DIRECTION BIOGRAPHICAL AND PERSONALITY AND ADAPTABILITY Despite being less than 40 years’ Not surprisingly, given his Ernest & Young DATA old, Valters Gencs has had an background, tax law has played a major part in Regardless of being the founder of an 11- lawyer Mr Gencs has a clear vision of Date of Birth eventful and high-prole career. Mr Gencs’ professional life. He was a founding practice, Mr Gencs is very much a ‘hands on’ his rm’s future strategy. “Our June 24, 1968, Bauska, Latvia After studying law at Latvia’s Law signatory of the Swedish Chamber of practitioner. Having built up his practice, he is rm will remain independent,” School in the early 1990s and for Commerce in Latvia, created in 1996, and sat on not someone who is willing to give up he says. “We are good at Education fee-earning to become a gloried oce admin- working for ourselves – more an LLM in Chicago, he eectively the Foreign Investors Council in Latvia tax Law School of the University of Latvia, LL.B. than 70 per cent of our work founded and ran two successive committee for many years. During his career, he istrator because of the success of his practice. In (1993); Institute of International Aairs – legal practices. Between 1996 and has also scored several notable victories over fact, Mr Gencs comfortably walks the precarious comes from referrals. When we International Business Studies (1994); John 2000, he was a director of tax and the Latvian government in relation to tax law – line of rainmaker and doer. were part of Ernst & Young, it Marshall Law School, Chicago, IL, USA; legal services for Ernst & Young in ironic considering he once belonged to a meant other accountancy LL.M. (1995). Latvia. Then, as the associated government working group on tax, appointed Overseer not overzealous rms couldn’t instruct us. Now, accountancy-law rm business by the then Latvian Prime Minister Andris Škele. As a result, the rm’s clients can expect that Mr we do not have that problem.” Admitted model became less popular post Gencs will play a supervisory role on most 1993 – Republic of Latvia Sarbanes-Oxley, he founded a His rst major interaction with the Latvian matters that his rm is involved in. Typically, he We have the opportunity to new, independent, law rm, The government was as an advisor to the Foreign will put together the team of lawyers who will pitch for the type of work we Employment Law Firm of Valters Gencs in 2002. Investors’ Council (FICIL) in Latvia. This group act on a particular transaction, and also take want to do without any limita- Legal Counsel for Ministry of Foreign Aairs For Mr Gencs, the gamble of estab- was established in 1998 by several major overall responsibility for quality control. tions. of Latvia (1994); Head of Tax & Legal lishing an independent law rm regional international companies to campaign However, having recruited a talented team of department of Ernst & Young Latvia (1996 – Valters Gencs paid o almost the entire Ernst & for a more favourable regulatory regime for young lawyers, whose number includes several Of course, Mr Gencs is aware 2000); Founder, Gencs Valters Law Firm Young legal team from Latvia foreign investors in the country. As the FICIL’s former government lawyers and in-house that the region’s legal market Advocate (2000–). Chairman of the Norwegian joined his new rm. Head of Tax, Mr Gencs played a leading role in counsel, he does not insist on reviewing all work is developing rapidly. Several Chamber of Commerce in Latvia – 2008 to negotiating the reform of his country’s VAT carried out by his team before it is sent to of his rival rms have under- now. In many regards, Latvian lawyer The practical regime. While this reform was a necessary part clients. “We operate a ‘four eyes’ insurance policy gone domestic mergers in practitioner of the country’s preparation for EU accession, to guarantee the quality of our work,” he says. recent years, or have entered Practice Areas Valters Gencs is the archetypal Although he is the rm’s sole Mr Gencs can also make the unusual claim of “All work is reviewed by at least two people into exclusive referral arrange- Tax, Finance, M&A, Litigation, Intellectual modern Baltic lawyer – US educated, partner, Valters Gencs is very much being partially responsible for his government’s before it is sent to the client.” ments with rms operating in Property a practicing lawyer. Today, he subsequent budget decit. While the introduc- other Baltic states. willing to take a commercial risk with estimates that he spends up to 70 tion of the new VAT regime went relatively Marketing mogul Languages per cent of his time on fee- smoothly, the government failed to accurately While he clearly enjoys practicing as a lawyer, Mr However, while he says he is English, Latvian, Russian his own rm, and eager to embrace earning, and has made a conscious predict the shortfall in revenue the changes Gencs does not give the impression of being happy to cooperate with other Western business methods. Having decision to ‘outsource’ as many of would produce. unduly academic in his approach to his work. In rms, Mr Gencs says his Committees, Memberships his rm’s administrative functions reality, this is not surprising, given his “multidis- strategy is to work with other Member of the Working Group on Tax Law established two successive law as possible. “I’m in court for three A supreme battle ciplinary background” and long-term exposure rms on a reciprocal rather appointed by the Latvian Prime Minister oces by the age of 34, his practice days next week,” he says, by way of More recently, Mr Gencs spent ve years to Anglo Saxon business methods. For clients, than an exclusive basis. “Our (1997 and 2002); Head of tax ad hoc group illustration. battling the Latvian State Revenue Service (SRS) this approach manifests itself in several ways: law rm works with many of the Foreign Investors Council in Latvia now boasts a client roster that rival on behalf of Coca-Cola. This was a test case to rstly, Mr Gencs is an exceptionally prolic other rms in the region, as (1998 – 2002); Member of the Working rms would envy: these include Rainmaker determine the taxable status of prizes oered marketeer. Not only does he speak at numerous well as US and English rms Group on Intellectual Property Protection and academic by the soft drinks company to competition business conferences and events, his rm such as DLA Piper; “Skadden, and Enforcement Issues appointed by the France’s L’Oreal, Sweden’s TeliaSo- In addition to fee-earning work, winners. When the dispute rst began in 1999, produces so many marketing initiatives that Arps, Slate, Meagher & Flom”, Latvian Prime Minister (1999); Swedish Chamber of Commerce tax committee nera, Finland’s Kesko, Norway’s Mr Gencs also acts as the rm’s the tax status of such gifts was unknown – no clients may be forgiven for thinking his rm is Sherman & Sterling” he says. main “rainmaker” and chief ocial guidelines had ever been produced. twice the size it actually is. “We produce tax (1996 – 2006) – member of the board (2003 Statoil as well as global brands such marketeer. As part of this role, he is Eventually, the SRS’s claim – plus an additional seminars and four newsletters per year,” he says, “They send us work, and we – 2006) Latvian Bar Association; Interna- tional Bar Association; American Intellec- as Coca-Cola, McDonalds and extremely active on the interna- penalty charge for an equivalent amount - was proudly. “We’ve also produced a book – Doing enjoy sending work to them.” tional business circuit, belonging thrown out by the country’s Supreme Court, Business in Latvia.” Domestically, he also prefers tual Property Law Association (AIPLA); General Motors. With a particular to an “alphabet soup” of profes- after the SRS tried to change the legal basis of to organic growth to ‘quick x’ European Communities Trade Mark sional associations. These include its argument. For Mr Gencs, this case was Pragmatic and systematic mergers.