Times are changing. It seems that we are now collectively becoming concerned for the most basic things in our lives: our homes, our families, our society and our businesses. At the same time we in Finland are grateful for our freedom: the merits of free democracy are clearer than ever, and we are comforted by even the slightest signals of it holding up when things get tough.
There are no easy matters on the management’s agenda: the war in Ukraine, recessionary fears, soaring inflation and the energy and climate crises have an impact on the economy and business activity. The increasing protectionism in the USA is also worrying from the European point of view.
It would be easy to join those who complain. Yet every crisis has its silver lining and gives rise to new opportunities that are creatively leveraged by some. If you have the courage to act, you can outshine your competitors even on rainy days. To find impressive and inspiring success stories, just take a look at Finnish unicorns.
The one thing we should not do is stay huddled in our own homes. We should venture out into the world with open minds and brave hearts to grow and learn. And when we come back with a bag full of new experiences and ideas, it is time to greet our home again, to turn on the lights and see things with fresh eyes.
We should also remember to cherish our partnerships. Our job at Castrén & Snellman is to help our clients make the right decisions and succeed in good times and bad.
Right now, the list of things to tackle might seem long. However, our belief in sustainable success stories remains strong, and we will continue to build them together with you also in the coming year.
We wish to thank our clients and business partners for your trust and great cooperation this year!
Latest insights
Article published 3.3.2026 – Employment
The threshold for dismissal is lowered: what should be taken into account in practice?
Article published 6.2.2026 – Tax & Structuring
Electricity sector Profit Tax Act in conflict with EU law – SAC denied leave to appeal
Article published 2.2.2026 – Data & Technology
Avoid costly risks with well-drafted distribution agreements
Article published 14.1.2026 – Tax & Structuring
VAT deductions for private equity investors under the microscope
Aleksandra Särkelä
Janne Juusela & Mikko Alakare
Topi Lusenius & Samuli Salminen
Mikko Alakare & Lotta Manu
Latest references
Fortum – AI workshop
We delivered two AI workshops for Fortum Corporation’s Mergers and Acquisitions team, with both legal and business professionals participating. The sessions combined fundamental AI principles with custom use cases for commercially available AI tools tailored to Fortum’s needs. We also presented a bespoke solution merging AI with a script-based tool developed by our Legal Tech team, enabling a more automated way of working. Our experts conducted the training drawing on their legal background and leading experience in this emerging field of legal technology. Participants particularly appreciated the clarity and relevance of the implementations demonstrated. ‘C&S delivered an excellent, well-structured series of workshops, with directly applicable takeaways,’ says Sabina Hautaviita, Legal Counsel for M&A at Fortum.
Case published 9.3.2026
VR – Supreme Court decision clarifies working time practices
We successfully represented VR Group before the Supreme Court in a case concerning the meal break practice of commuter train drivers. On 6 February 2026, the Supreme Court ruled in VR’s favour (decision KKO:2026:12), confirming that VR had the right to amend the commuter train drivers’ meal break practice in 2021 by rendering the break unpaid in accordance with the applicable collective agreement. This decision clarifies the interpretation of collective agreements and employment legislation as well as the limits of the employer’s right to direct work. Over 250 commuter train drivers challenged the unpaid meal break practice which VR introduced in April 2021. Before the change, meal breaks had a long history of being paid. The change was based on the train drivers’ collective agreement, which allows for meal breaks to be organised either as paid or unpaid time. The Supreme Court ruled that the scheduling and managing of breaks falls within the core area of the employer’s right to direct work. This increases the threshold for an established practice becoming a binding condition for the parties. Merely following a practice consistently and over a long period of time does not make the practice binding; instead, the employer’s intent to commit to the practice must be clearly evident from the employer’s conduct or other circumstances. As both alternatives – paid and unpaid – for organising meal breaks had been retained in the collective agreement despite other amendments over the years, it could not be considered that VR had intended to commit to the paid break practice and waive its right to direct work as regards break scheduling. It was also significant that the employment contracts explicitly referred only to the collective agreement as regards working time. The Supreme Court deemed that the employees’ paid meal break was not an established term of employment and that VR was entitled to change the practice based on the collective agreement. The employer had the right, by virtue of its right to direct work, to unilaterally change the meal break practice by choosing to apply the other arrangement permitted by the collective agreement.
Case published 3.3.2026
CapMan Growth – Investment in Kuntokeskus Liikku
We are assisting CapMan Growth in its significant investment in Kuntokeskus Liikku, a Finnish gym chain known for its high-quality self-service facilities and excellent value for money. The investment will further strengthen Liikku’s position as a market leader and support the continued execution of its growth strategy. Liikku is one of Finland’s leading fitness chains, with more than 70 locations across the country serving nearly 90,000 members. The company’s concept is to offer high-quality self-service gyms at an exceptionally competitive price point which, combined with strong operational efficiency, provides a solid foundation for profitable growth. The company’s main shareholder is COR Group, a long-time partner of CapMan Growth, and a Finnish health and wellness conglomerate known for active ownership and long-term value creation. CapMan Growth is a leading Finnish growth investor that makes significant investments in entrepreneur-led growth companies with a turnover of €10–200 million. CapMan Growth is part of CapMan, which is a leading Nordic private equity investor engaged in active value creation work. CapMan has been listed on the Helsinki Stock Exchange since 2001.
Case published 27.2.2026
Terrafame – Environmental and water management permit processes concerning the company’s entire operations and the KL1 side rock area
Castrén & Snellman successfully assisted Terrafame Ltd in environmental and water management permit processes concerning the company’s entire operations and the KL1 side rock area, on which the Supreme Administrative Court issued its decision on 12 February 2026 (KHO 366/2026 and 367/2026). The changes made to the decisions of the Vaasa Administrative Court as a result of Terrafame’s appeals, enable the company to implement its new strategy and develop its operations as planned. The decisions of the Supreme Administrative Court brought the nearly ten-year-long permit process to a close.
Case published 20.2.2026