Substitution of phenol in phenol-formaldehyde (PF) resin preparations by technical lignins is hindered by the inherently lower reactivity of lignin compared to phenol. Demethylation of an industrial softwood kraft lignin (SKL) to improve its reactivity is the focus of this paper. To this purpose, kraft lignin (KL) was treated with two commercial laccases, NS51002 (L1) and NS51003 (L2), for 24 h in combination with three mediators, 2,2′-azinobis-(3-ethyl-benzothiazoline-6-sulfonic acid) diammonium salt (ABTS), 1-hydroxybenzotriazole (HBT) and 2,2,6,6-tetramethylpiperidin-1-oxyl (TEMPO). The characterizations of the reaction solution and the resultant KL showed that methanol was released as a result of the methoxy group splitting from the aromatic rings, while such demethylation was dependent on the laccase-mediator system (LMS). The catechol structures formed, which were further oxidized to a quinone structures prone to polymerization, led to molecular mass increment. Also this reaction was LMS dependent. The same is true to the cleavage of β-O-4′ linkages, which resulted in depolymerization. The L1-ABTS, L1-TEMPO and L2-HBT combinations are the most efficient and the resulting modified lignin would be suitable to phenol substitution. Challenging is the lignin polymerization following the demethylation, especially in case of L1-ABTS, which might inhibit the reactivity of the treated lignin.