The newly published Legal 500 survey, conducted by one of the world’s most respected law firm rating agencies, has once again underscored LEX’s strong market presence. The firm achieved top-tier rankings in six categories and received high praise in several others. Overall, 14 partners are ranked and three associates. The following list details the ranked categories and individuals.

Banking, Finance, and Capital Markets

• Guðmundur Ingvi Sigurðsson and Ólafur Haraldsson are listed in the “Hall of Fame,” the highest distinction awarded by Legal 500.
• Stefán Orri Ólafsson and Fanney Frímannsdóttir also received excellent reviews.

Commercial, Corporate, and M&A

• Garðar Víðir Gunnarsson, Guðmundur Ingvi Sigurðsson, and Stefán Orri Ólafsson are recognized as Leading Individuals.
• Árni Freyr Sigurðsson is noted as a Key Lawyer and Kristinn Ingi Jónsson is rated as a Recommended Lawyer.

Dispute Resolution

• Kristín Edwald is included in the “Hall of Fame.”
• Arnar Þór Stefánsson is rated as a Leading Individual, Garðar Víðir Gunnarsson as a “Next Generation Partner,” and Fjölnir Ólafsson as a Key Lawyer.

Maritime and Transport

• Lilja Jónasdóttir is recognized in the “Hall of Fame,” while Guðrún Lilja Sigurðardóttir is named a “Next Generation Partner.”

Restructuring and Insolvency

• Guðmundur Ingvi Sigurðsson is listed in the “Hall of Fame.”
• Þórhallur Bergmann is a Leading Individual, Birgir Már Björnsson is a “Next Generation Partner,” and Kara Borg Fannarsdóttir is a Key Lawyer.

TMT and Intellectual Property

• Erla S. Árnadóttir is placed in the “Hall of Fame.”
• Lára Herborg Ólafsdóttir and María Kristjánsdóttir are both named “Next Generation Partners.”

EU and Competition

• Guðrún Lilja Sigurðardóttir is recognized as a “Next Generation Partner.”

Real Estate and Construction

• Arnar Þór Stefánsson and Guðjón Ármannsson are designated as Leading Individuals.

Tax

• Garðar Víðir Gunnarsson is rated as a Leading Individual.

We are extremely pleased with these results, which reaffirm LEX’s strong position in the Icelandic legal market.

LEX has just received a gold ranking for its comprehensive trademark services, offering expert assistance with everything from protection to enforcement, both in Iceland and internationally. Led by silver-ranked IP veteran Erla S. Árnadóttir, along with gold-ranked María Kristjánsdóttir, and bronze-ranked WTR 1000 newcomer Lára Herborg Ólafsdóttir, the team provides exceptional strategic advice and has earned a reputation for securing and elevating clients’ intellectual property assets.

LEX has advised John Bean Technologies Corporation (“JBT“) in connection with the combination with Marel hf. (“Marel“) and its admission to trading and official listing on Nasdaq Iceland‘s Main Market.

As announced on 20 December 2024, JBT‘s voluntary takeover offer was accepted by Marel‘s shareholders representing approximately 97.5% of all issued and oustanding shares in Marel. As a result of the combination – which is carried out through a voluntary takeover offer and a subsequent squeeze out – former Marel‘s shareholders will own approximately 38% of the outstanding shares of the combined company.

The takeover represents the largest transaction in Iceland from the year 2007 and the listing of the combined company‘s shares on Nasdaq Iceland is the largest share listing of all time in Iceland.

The combined company, JBT Marel Corporation, is dual-listed on the New York Stock Exchange and Nasdaq Iceland, with a first day of trading on 3 January 2025.

The combination creates a leading global food and beverage technology solutions company with a market capitalisation of more than EUR 6 billion.

LEX is proud to have acted as legal counsel for JBT in connection with the transaction, alongside Kirkland & Ellis LLP.

The LEX team is led by partners Guðmundur Ingvi Sigurðsson and Stefán Orri Ólafsson and associate Kristinn Ingi Jónsson.

See further information in JBT Marel Corporation‘s press release.

Orkubú Vestfjarða (e. Westfjord Power Company) and Íslenska Kalkþörungafélagið ehf. (Ískalk) recently signed a milestone agreement for the installation of a new 20 km underground cable from Ísafjörður to Súðavík. The underground cable will replace the current overhead line and will significantly increase the delivery capacity of electricity to Súðavík. The project is intended, among other things, to ensure the delivery of electricity for the construction of a new calcium carbonate factory by Ískalk at Langeyri in Súðavík and will undoubtedly contribute to strengthening the local economy.

Arnar Þór Stefánsson and Hjalti Geir Erlendsson, attorneys at LEX, advised the Westfjord Power Company on the agreement. The two are a part of the firm’s team of experienced experts who handle diverse projects in the fields of energy and resource utilization.

More information about the project can be found on the website of the Westfjord Power Company.

At LEX law offices, we pride ourselves of our strong team of litigators. While we are no strangers to landmark victories in Icelandic courts, the past week has been exceptionally fruitful for our clients.

On Friday, November 22nd, the Reykjavík District Court ruled in favour of the Torg Bankruptcy Estate against the Icelandic Government. Represented by our own Þórhallur Bergmann, the court rescinded VAT payments made by the estate. This ruling reaffirms Þórhallur’s standing as a leading lawyer in insolvency, bankruptcy, and financial restructuring in Iceland. In recent years, he has been retained by creditors of numerous bankruptcy estates to review actions taken during the periods leading up to bankruptcy, achieving significant success.

On Tuesday, November 26th, junior litigator Guðrún Sólveig Sigríðardóttir, under the supervision of seasoned partner Óskar Sigurðsson, secured a favourable ruling in the Reykjavík District Court. She successfully represented plaintiffs in a claim regarding ownership of land and fishing rights. For decades, LEX Law Offices has been at the forefront of property law in Iceland, and it is pleasant to see a member of the younger generation like Guðrún Sólveig carry on our strong tradition in this field.

On Wednesday, November 27th, the Supreme Court of Iceland published its ruling in the case of the Merchant Pension Fund against an individual. Our partner, Kristín Edwald, represented the pension fund, strongly supported by Stefán Orri Ólafsson and Hjalti Geir Erlendsson. The Supreme Court ruled fully in favour of the pension fund. This victory showcased LEX’s depth and ability to combine knowledge and experience from different practice areas to form a successful team. The case involved the re-evaluation of pension rights based on changes in life expectancy; a ruling against our client could have had a devastating effect on the Icelandic pension system.

That same day, the Supreme Court declined to grant permission to appeal a ruling issued by the Appeal Court in a case where our attorney, Guðjón Ármannsson, supported by Fjölnir Ólafsson, successfully argued for the invalidation of a will involving valuable real estate in the capital area, worth billions of ISK. This outcome brought a favourable resolution to a high-stakes dispute, exemplifying our attorneys’ precision and strategic advocacy in complex cases.

Finally, on November 28th, the Appeals Court issued its ruling in the matter of Lyfjablóm against a client of LEX. Our attorney, Arnar Þór Stefánsson, successfully defended his client in this longstanding dispute involving corporate governance that traces its roots back to the financial crisis.

“These successes highlight the exceptional talent and dedication of our legal team at LEX Law Offices. We remain committed to providing our clients with the highest level of legal representation across all practice areas” says Örn Gunnarsson, Managing Partner at LEX law offices.

The Supreme Court confirms that changes to the bylaws of the Pension Fund of Commerce are in accordance with the Icelandic Constitution, the European Convention on Human Rights, and the laws on Pension Funds.

Kristín Edwald, attorney, represented the Pension Fund of Commerce, with contributions from attorneys Stefán Orri Ólafsson and Hjalti Geir Erlendsson.

The legal issue at hand was whether the Pension Fund of Commerce was allowed to modify the pension rights of individuals who have not yet begun receiving their pensions, based on new assumptions about life expectancy. This situation arose after new guidelines for assessing life expectancy—mandated for use when calculating pension obligations—took effect in December 2021. These updated mortality tables reflect the trend of an aging population and indicate that fund members are living longer, albeit to varying degrees based on their age. This represents the most significant change in the operational assumptions of pension funds since the pension fund laws were enacted in 1997, considerably affecting how pension obligations are calculated. Specifically, for the Pension Fund of Commerce, these adjustments increased the fund’s pension obligations by ISK 77.

In response to the new guidelines, the Pension Fund of Commerce decided to reduce benefits for younger members more than for older ones, as younger members are expected to receive pensions for a longer duration. A fund member subsequently filed a lawsuit against the Pension Fund of Commerce, seeking to have these changes declared invalid. However, the Supreme Court rejected this request, affirming that the Pension Fund of Commerce could modify the pension rights of individuals who have yet to start receiving their pensions according to the new life expectancy assumptions. This ruling sets a precedent for numerous other pension funds that have changed their bylaws similarly.

The full judgment can be read here.

Case no 11.2024

Erla S. Árnadóttir wrote an article in Innherji about the recent verdict of the appellate court regarding an infringement of architects copyrights, but it was taken into account that the infringement had served to strengthen the position of the infringer at the expense of the rightholder.

We are very pleased to announce that LEX Law Offices has been nominated as the IP Company of the Yearby the prestigious Global IP Awards. This nomination is based on extensive research conducted by IAM and WTR.

Congratulations to our great intellectual property team for their outstanding work in the field of intellectual property law!

Kristinn Ingi Jónsson, lawyer and associate at LEX, recently wrote an article in Innherji, an Icelandic business news site, about share buybacks and the strict conditions set for such buybacks in the EU Market Abuse Regulation.

Erla S. Árnadóttir and Lára Herborg Ólafsdóttir, partners at LEX Law Offices, recently received recognition as IP STARS from the global analysis firm Managing IP for the year 2024.

Erla S. is awarded as Trade mark star 2024 as well as now being on the list for Top 250 Women in IP 2024.

Lára Herborg is awarded as Copyright star 2024.

We sincerely congratulate Erla and Lára on their success and we are proud of our IP and Technology team at LEX.