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Orrick has advised Scoro, a producer of work management software for professional service businesses, on the closing of a USD 16.4 million Series B round led by Kennet Partners. Additional investors include Columbia Lake Partners, Inventure, Livonia Partners, and Tera Ventures. Estonian legal advice to Kennet Partners was provided by Hedman Partners, working with lead counsel Sheridans, and to Scoro by Eversheds Sutherland.

Maido Lillemets, Legal and Compliance Manager at BaltCap in Estonia, reports that the three-pillar pension system in his country has been shaken by the recent legislative move from a mandatory to a voluntary approach to contributions into pension funds. This change, Lillemets reports, has cost the pension funds EUR 850 million already and the eventual cost may exceed EUR 1 billion.

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