Leonid Tolstov

Partner, Head of Corporate and Commercial, Estonia

Tartu, Estonia

+372 730 1610; +372 504 9961

Estonian, Russian, English, German


Advising the University of Tartu with regard to the reconstruction works of the UT Library.

Advising Dentes in a landmark dispute, which concerns loss of rental income and was given for adjudication to the full composition of the panel of the Civil Chamber of the Riigikogu (requires a fundamental difference of opinion in the composition of the court).

Advising MC Kasiinod on selling four casinos to Olympic Casino Eesti, a member of the listed Olympic Entertainment Group active in the Baltics and CEE.

Advising Merko Ehitus Eesti, part of Merko Ehitus – the leading construction company in the Baltics listed on the NASDAQ Tallinn, in a landmark shareholders’ dispute concerning one of its subsidiaries that included planning and carrying out a complex action plan, which finally enabled the management of the company to be taken over from the minority shareholder.

Successfully representing a US investor in a landmark Supreme Court dispute concerning an unlawful merger due to which the client’s majority ownership in a company was deprived.

Representing the former shareholders of the BLRT Group, one of the largest industrial enterprises in Estonia, and the financial advisor Keystone Advisers in a dispute concerning the sale of the BLRT Group stock.

Assisting Citadele Leasing, a member of a major Baltic financial group, in a tort liability claim against members of the board.

Advising JSH Capital on a large-scale dispute regarding the liabilities of the management board member.

Advising a management board member of Neoprom on a large-scale dispute regarding the delictual liability of a member of the board.

Advising real estate developer Estiko on planning and construction of the shopping centre “Tasku” in Tartu and in later legal relationships with lessees.

Advising the Estonian branch of Australian-based multinational blasting systems corporation Orica in construction disputes.

Advising Aminor Invest in disputing the general meeting of shareholders and preventing a hostile takeover.


2013 International Bar Association (IBA)
2013–2017 Commercial Law Commission of the Estonian Bar Association
2000 Estonian Bar Association


Since 2017 Partner, law firm TGS Baltic (formerly VARUL)
20102017 Partner, law firm VARUL
20042010 Senior Associate, law firm VARUL
19992004 Associate, law firm VARUL


2015 University of Tartu, Faculty of Law, PhD
2000 University of Tartu, Faculty of Law, BA