CEE Legal Matters: Ukraine’s Scramble for Mandates: A Buzz Interview with Illya Sverdlov of Imagine Lawyers
CEE Legal Matters, Andrija Djonovic, 22 June 2026
Ukraine’s legal market remains under pressure, but several areas are still generating significant work, according to Imagine Lawyers Partner Illya Sverdlov, who points to defense-sector transactions, ecosystem-driven acquisitions in tech, a surge in white-collar and anti-corruption work, and ongoing debate around tax reform and new Civil Code reform as the main drivers of work.
“The market has been difficult for many law firms, and there is a lack of big mandates overall,” Sverdlov begins. “But if you ask what the most active area in terms of M&A is, I would definitely say defense because of the momentum”
In his view, that activity stands out against a backdrop of tougher competition and fee pressure across the profession. “There are a lot of ongoing deals in the defense industry,” Sverdlov explains. “At the same time, the market remains very competitive, including on pricing, and law firms have become much more decentralized, with people living and working from different places around the world.”
Beyond defense, Sverdlov highlights strong M&A activity in the technology space, particularly around larger strategic buyers building out broader digital ecosystems. “There is substantial M&A activity around Kyivstar and some other players that have a lot of cash and are buying targets from what they describe as their tech or IT universe or ecosystem,” Sverdlov notes. “There are many companies in the pipeline for acquisition.” He goes on to suggest that this kind of activity is one of the clearer signs that transactional work has not disappeared from the Ukrainian market, even if it is more selective than before.
As for other areas keeping lawyers busy, Sverdlov reports that white-collar and anti-corruption work has also become a major source of activity. In his view, that is one of the busiest areas of the current market, particularly for firms with the right specialization. “There is also a big surge in white-collar crime work because of anti-corruption cases,” he reports. “Several firms that specialize in this area are really busy.” From his own practice perspective, Sverdlov also points to continued tax and relocation-related work. “A lot of Ukrainians have relocated abroad and need to restructure their holdings and undertake tax planning, particularly where there is a business expansion taking place,” he explains. “That remains an important part of the work, alongside ongoing transactional and advisory matters.”
He adds that part of the pressure on the legal system is coming from Ukraine’s broader fiscal situation. “Because the state budget is under pressure, there are many developments around tougher tax rules, including those connected with online platforms, VAT for private entrepreneurs, and taxation of imported low-value parcels,” Sverdlov outlines.
Focusing on legislative developments, Sverdlov identifies two especially important topics. “The first one is a big discussion around a new Civil Code,” he stresses. “It is being promoted at a high level, but there is also pushback because some of the proposed provisions are seen as quite unusual or untimely”
The second is planned and ongoing tax changes. “They are part of a wider and eternally Ukrainian discussion in the context of social justice vs. IMF/EU pressure regarding tightening tax rules and increasing tax collection,” Sverdlov explains. “A new law was adopted in early June on the taxation of online platforms. It effectively requires platforms to play a role in collecting taxes generated by sellers or service providers using them, including in areas such as e-commerce and ride-hailing.” In his view, the market has generally welcomed that step because it brings certainty, welcomed by the main players. “Previously, this was a gray area in many cases, and some players were exposed to risks,” he says. “Now at least the rules are becoming clearer.”
