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US law firms change their stripes
Our 2007 survey of American practices in Europe reveals they are adapting to their environment and morphing away from a ‘US’ identity. Jeremy Fleming … read more
These are revolutionary times in the legal profession. Lawyers of the world unite! Throw off your chains! Be brave. But be careful. The international legal community faces exciting new potential, with much to be gained (however, as I will suggest, there is something very special that could be lost). … read more
The Europeanisation of US firms
Last year, our annual survey talked of the Lmaturing of US firms in Europe, as their grandiose empire-building merger activity and mass-recruiting raids gave way to a more mellow approach to the continental legal market. Partners speculated on the increased danger to local markets of a new more sophisticated approach – recognising that though exhibiting less attention-seeking behaviour, the US practices operating in their domestic jurisdictions were perhaps at their most threatening yet to the small and medium-sized players still reeling from the early days of US law firm colonisation. … read more
Should regulation fence in hedge funds?
Though there are high-level calls for further regulation of hedge funds, lawyers can’t see an appropriate legal basis. Richard Tromans
… read moreForeign investors in China must be well advised on their legal and business procedures. Marco Gubitosi… read more
When UniCredit’s recent purchase of Capitalia fashioned Europe’s second largest bank, the all-Italian deal – with a market capitalisation of €100bn – highlighted the tremendous changes in Italian banking over recent years, that have included a host of consolidations (see box, right). … read more
Estonia has systematically reformed its legal system since the 1990s. But although its normative framework is now modern and functional, the time has come to consider the next steps. To this end, a working group1 was established in the autumn of 2005 to assess the performance of the legal system in light of our top policy priority of facilitating enterprise. Based on their work, a document was prepared entitled ‘Entrepreneur’s Law – Action Plan for Improving the International Competitiveness of the Entrepreneurial Legal Environment’ (the ‘Action Plan’).2 The Action Plan began a process for steadily improving Estonian legal policy and helping to create over time a legal environment comparable to that of the US State of Delaware for the facilitation of enterprise and the efficiency of legal infrastructure.… read more
Since the start of this year one American and three European law firms have set up offices in Turkey. This is remarkable, given that up until now only four other foreign practices had bases in the famously unstable – but potentially rewarding – Turkish legal market.… read more
“In Russia these days, you’d have to be asleep not to generate business,” says Alexander Skoblo, a partner in Salans’ Moscow office. Indeed, a recent survey of 455 executives from around the world (conducted by the Economist Intelligence Unit and sponsored by Clifford Chance) showed the majority expect to increase their presence there over the next two years and that they rate the country’s prospects significantly better than those of several other leading emerging markets. … read more
At the start of July a group of government lawyers from developing countries gathered together to shares their concerns, experience and knowledge about the impact of international investment on their countries. Joining them was not only the NGO community, but also lawyers in private practice, from across Europe and the US. This was no ordinary conference. It was part of a growing phenomenon – the development of international pro bono across the breadth of legal practice.… read more
Since Mario Monti, the Italian economist, took over as head of the European competition watchdog in 1999, the Competition Commissioner’s role has been central to EU activities. While the Commission has struggled to create a voice for itself in … read more
Is the Commission’s anti-cartel assault off target?
Commissioner for Competition Neelie Kroes hardly misses an opportunity to point out that 2006 was a remarkable year in terms of EU fines imposed on cartel offenders (more than €1.8 billion). In 2007, with only three cartel decisions adopted to date (Gas Insulated Switchgear, €750.7 million; Elevators and Escalators, €992.3 million; and Dutch Beer, €273.8 million), that level of fines has already been exceeded. In fact, one of the undertakings in the Elevators and Escalators case, ThyssenKrupp, was fined €479.7 million, and Siemens was fined €396.6 million for its involvement in the Gas Insulated Switchgear cartel. We are also informed by Commissioner Kroes that the Commission will impose additional fines on other cartel law offenders later this year.… read more
In addition to its existing offices in Brussels, Antwerp, Kortrijk, Liege and Ghent, Claeys & Engels has opened an office in Hasselt, capital of the province of Limburg – becoming the first large Belgian business law firm to set up there. Partner Pieter Smedts and senior associate Nicholas Thoelen are to act jointly as office managers. Italian firm NCTM Studio Legale Associato is to open its first branch abroad in Brussels, which will provide legal assistance to Italian clients in all areas of EC law. Partner Domenico Gullo will lead the Brussels team.… read more
Allen & Overy advised ABN AMRO, Barclays Capital, Credit Suisse, Goldman Sachs, Lehman Brothers and Merrill Lynch as mandated lead arrangers of the €2.475m senior and second lien debt facilities and €325m mezzanine facility to finance the acquisition by Edam Acquisition BV of approximately 81 per cent of Endemol NV, the Dutch television production company that is also listed on Euronext Amsterdam. The A&O team was led by London banking partner George Link and Amsterdam banking partner Victor de Seriere. Freshfields Bruckhaus Deringer acted for Goldman Sachs Capital Partners, part of the consortium which owns Edam Acquisition, and Clifford Chance acted for Edam Acquisition. … read more
Seasoned help on state aid Following the ditching of the European constitution in favour of a Treaty agreed at June’s Brussels-based summit of leaders, a commitment to free competition within the EU was relegated to a protocol. The Commission put on a brave face afterwards, claiming that nothing had changed. But immediately a rationalisation of the state aid sector was announced by competition commissioner Neelie Kroes, the sum of which appears to involve scrapping two directorates dedicated to state aid enforcement, and folding a larger state aid directorate into the main ambit of antitrust enforcement at the Commission. … read more
Bryan Cave rides ‘second wave’ … read more
Data protection drops through EU legal loopholes
At a recent Academy of European Law (ERA) conference in Trier, Germany, a key discussion point was the role of the EU courts in dealing with cases of criminal justice and questions of individual rights protection. It was highlighted that the limited scope of some Community law instruments leaves individual rights undefended in certain cases – one of the main shortcomings of the current EU Treaty being its pillar structure, particularly the ambiguous borderline between the first and the third pillar. … read more
Deutsche disappointment on private equity law
For quite some time now, the private equity (PE) industry and advisers have called for a set of laws to clarify some of the legal and tax uncertainties for PE funds in Germany. For example, the full tax transparency of a fund operating in the country is not assured, as Germany levies a so-called trade tax at the level of an otherwise tax transparent partnership, if it qualifies as a ‘trading’ partnership for German tax purposes – and the distinction between a trading and non-trading fund is not clear. Although there are guidelines issued by the tax authorities which provide some relief in practice, the guidance is in itself ambiguous in many respects and therefore cannot be viewed as a substitute for a comprehensive (and clear) new set of regulations. … read more
ECJ disconnects mobile operators' VAT refunds
In parallel references from the United Kingdom and Austria, the ECJ has held that member states’ auctions of 3G licences do not constitute an economic activity and so fall outside the scope of the Sixth Directive. As such, successful bidders are not entitled to refunds of allegedly paid VAT. … read more
Globals chase white collar crime work
It has often been noted that global law firms tend to focus on corporate practice and capital markets, especially in their foreign offices. It is profitable work and when clients head abroad it is usually these legal service areas they need first. However, things seem to be changing – a little, at least – in France. In a move which may be the shape of things to come among globals over here, Linklaters has recruited one of Paris’s leading white collar crime partners from French giant Gide Loyrette Nouel. That hire is Kiril Bougartchev, who has brought with him a large team of associates also focused on this sector. … read more
No such thing as a free product recall
The Landgericht Frankfurt am Main’s refusal last year to grant a manufacturer reimbursement of recall costs from a supplier, because a warning by the manufacturer to its customers would, in the opinion of the judges, have sufficed, passed almost unnoticed by businesses and lawyers alike. However, this initially disregarded development has recently been confirmed by an appeal judgment and now looks set to rewrite the rules on who bears the cost of product recalls – with potentially huge financial implications, given the many millions, sometimes billions, that can be involved in such a recall. … read more
With this contract, I thee hedge
Several recent British press reports have remarked on the increasing number of spouses signing up to postnuptial agreements, following on from burgeoning levels of couples entering into pre-nuptial deals in the last few years. This poses the question of why this is occurring, given that not one English pre-nuptial or postnuptial agreement has ever been upheld in its entirety by an English Court.… read more
Linklaters’ recentlyannounced election of Giovanni Pedersoli and Claudia Parzani as partners in its Milan office, takes its Italian partner count to seven. Ms Parzani, an emerging capital markets specialist from recentlymerged independent Camozzi Bonissoni Varrenti e Associati, is the fifth lateral hire made by Linklaters this year and will join equity capital markets expert Luigi Sensi based in Rome. Meanwhile, the magic circle outfit was in talks with corporate partner Mr Pedersoli, the youngest of three Pedersoli brothers practising at legacy firm Pedersoli e Associati. … read more
Business and education: a match made for the marketplace
Many friends and colleagues have asked why I made the change from private practice to education, and what I believe I can offer the academic world. Many more professional colleagues have told me they wished they had been given the same opportunity. … read more
New perspectives for business litigation in Russia
It has become an obstinate practice to criticise Russian system of economic justice for its ineffectiveness in modern business litigation. It is often alleged that Russian courts are too conservative and generally not responsive to new trends in economic and legal practice, while entrepreneurs try to stay away from the court system. … read more
At 6.40pm on 27 December 2006, off the NW coast of England, a commercial helicopter crashed into the sea with the loss of several lives. At 10.30pm, a ‘Code Red’ call was received by Eversheds, through our emergency number for 24/7 Crisis… read more
First Italian IPO with an EU passport
On 3rd May 2007 the ordinary shares of d’Amico International Shipping S.A. (the ‘Company’), a newly incorporated Luxembourg issuer, started trading on the Italian Stock Exchange following the offering to the public in Italy and to institutional investors in Italy and abroad of n. 59,979,963 ordinary shares.… read more
Not just another reform of the Spanish Takeover Rules
Everyone knows that the month of August is not a particularly hectic period of the year for the legal profession in Spain. However, lawyers returning back to work in September after the holidays will not infrequently need to spend some time catching up with a few pieces of fresh legislation enacted while they were out. This may be the case of the new Spanish Takeover Act implementing EU Directive on Takeover Bids, published back in April (impressively just 11 months behind schedule) but in force only since 13 August 2007.… read more
Financial reporting supervision
With the entry into force of the Financial Reporting Supervision Act (‘Wtfv’) as of 31 December 2006, the Netherlands Authority for the Financial Markets (‘AFM’) supervises financial reporting on Dutch exchange listed enterprises for the financial years beginning on or after 1 January 2006. These are legal entities registered in the Netherlands of which shares, debentures or share certificates have been admitted to the list of a domestic- or foreign stock exchange. … read more
Medicinal products in Switzerland: Where does information stop and advertising begin?
The advertising of medicinal products is highly regularized. Advertising must be in line with the product information accepted by the Swiss Agency for Therapeutic Products, Swissmedic, and reflect the state of the art. Moreover, advertising for medicinal products subject to prescription may not be directed at the general public. Where the provisions of the Federal Law on Therapeutic Products (LTP) and the Ordinance on Advertising for Medicinal Products leave scope for interpretation, Swissmedic and the courts take a tough stance to protect public health, prevent the addressees from being misled and prohibit incentives for an excessive or inappropriate use of medicinal products.… read more
In the spotlight: general view of M&A transactions in Turkey
Recently, dynamism in the Turkish investment market has attracted a flood of international investors. M&A transactions have been principally focused on real estate, banking, insurance, telecommunications and energy. … read more
International arbitration in Turkey and the international arbitration act
The Schneider Electric/Legrand merger saga’s far-reaching twists
Schneider Electric’s attempt to acquire Legrand in 2001 resulted in a number of controversial cases fought before the European Commission and the EC Courts. The Schneider/ Legrand ill-fated merger shot to prominence as one of the three CFI judg… read more
Subrogated claims are an essential element of the insurance industry. It is the mechanism by which the final bill for any damage is passed onto the person who is liable for it, or his liability insurer. More often than not, subrogated claims end up being litigated. Achieving success in such litigation depends on sound and comprehensive documentation of the damage and the subrogation. It is our experience that documentation practices of most foreign insurance companies are not geared toward the ultimate goal of proving the claim and this makes the lawyer's job quite difficult in Turkey. … read more
Russian competition law at a turning point
The new Russian Competition Law enacted one year ago, on July 26, 2007, along with a new set of penalties for its violation, which was put in effect last May, were expected to overhaul the entire system of state regulation of market activities in Rus… read more
Distribution: has the time come to end special treatment of motor vehicles?
The European Commission has recently launched a major review and market investigation to determine how the competition rules should be applied to motor vehicle distribution after the expiry in 2010 of the current motor vehicle-specific block exemptio… read more
Recent antitrust developments in Romania of interest for the international practitioner
The Bulgarian e-communications market: a reliable level playing field
The Republic of Bulgaria joined the European Union on 1 January 2007. The Bulgarian state has achieved important progress, demonstrating compliance with EU acquis communautaire. The implementation of substantial EU legislative changes anticipates con… read more