Lawyers may come to look back with nostalgia at a time when the internet was considered a lawless zone. The swift advance of techn… read more
Back in our second issue, June 2000, we asked if the law could catch up with the internet revolution. Seven years on and the answer to this question remains, for the most part, ‘no’. … read more
As of the beginning of this year, the EU numbers 490 million inhabitants. Not only is our global economic weight enormous, but our model of co-operation remains an attractive one for many countries in Europe and beyond.… read more
Watershed moment for EU mergers
In a development eagerly watched by other aggrieved parties, the Court of First Instance (CFI) recently heard arguments relating to Schneider’s claim for damages flowing from the European Commission’s erroneous decision to block its merger with Legrand. The action is unprecedented as no company has launched a claim for damages against a merger ruling by the Commission.… read more
Although the successful, rounded lawyer needs to be an excellent communicator, the truth is that they have a very poor reputation in this regard. Communication with a client is of fundamental importance and must be couched in appropriate language. The law is an essentially technical discipline and the excellent lawyer can translate that technical jargon in a way which suits the client’s level of understanding. The problem is, of course, that clients vary enormously in that respect.… read more
In a development that represents a break with the independent and parochial tradition of many Parisian lawyers, over the last 12 months three French firms have embarked on projects to build integrated and formal relationships with foreign practices in order to please clients expanding abroad. … read more
Private companies are bringing claims against states with far greater frequency than could have been imagined ten years ago. However, the Eurotunnel award of 30 January 2007, made public in February, represents one of the few occasions upon which the defeated government has come from the developed world. Moreover, it is absolutely unique for two states to be found liable in the same award.… read more
Putting generations of bloodshed behind them, a symbolic new start for Northern Ireland took place in May when the Democratic Unionist Party and Sinn Fein put their differences aside to forge a power-sharing deal in the troubled province’s restored local democratic government. As the Protestant new First Minister Ian Paisley spoke of fresh beginnings “on the road to prosperity”, it is clear that closer economic links to the strong economy in the south are going to be fundamental to this process, and Dublin lawyers are among the many sharing a sense of hope and celebration. McEvoy Partners founder Bernard McEvoy says: “The recent handshake between [the Sinn Fein’s] Gerry Adams and Ian Paisley marked a wonderful, wonderful day. There have been difficulties, there is that element of suspicion, but the bad days are now gone and we’re different.” … read more
For some time now it has been Scandinavian entrepreneurs and law firms that have seized hold of the potential of the three states nestled on the other side of the Baltic Sea. Names such as Sweden’s Glimstedt, along with Finland’s Roschier and Borenius & Kemppinen have capitalised on their countries’ high level of investment in Estonia, Latvia and Lithuania by forming alliances with … read more
growing at 8 per cent a year and investors from abroad are pouring in. Inevitably, on the back of this boom, foreign law firms are heading to Kiev in growing numbers, claiming they will soon take over the local market. But, for their part, top Ukrainian outfits like Magister & Partners and Shevchenko Didkovskiy & Partners are adamant they will resist. The battle lines are drawn for an interesting confrontation. … read more
Despite fierce competition from global firms, an elite group of independent outfits continues to feature prominently in the European M&A market. Including players like Slaughter and May, Hengeler Mueller and Gianni Origoni Grippo & Partners, this specialised set and their peers have advised on European M&A transactions in recent years totalling more than a trillion euros (see table on following page). Their success is even more impressive considering the size of these independent firms in comparison to their global counterparts. … read more
Schönherr has recruited the entire, highly-rated, real estate team of Cerha Hempel Spiegelfeld Hlawati. The team is headed by partners Alfred Nemetschke and Walter Anderl. … read more
Slaughter and May is advising Reuters Group plc on its combination with the Canadian-founded Thomson Corporation to create a global leader in business to business information markets. The proposed merger values Reuters at approximately £8.7 billion and the combination will be effected by the creation of a dual listed companies structure, the first in Canada. The enlarged group will be called Thomson-Reuters and the combined Thomson financial unit and Reuters financial and media business will be called Reuters. Partners Nigel Boardman, Elizabeth Holden and Eddie Codrington are leading the transaction. … read more
Economic outlook As became obvious in 2006, growth in the German economy is set to further improve prospects in the country’s legal services market. Five leading independent economic institutes in Germany have all forecast revised GDP growth of 2.4 per cent for 2007 and 2008, marking a long-awaited upswing. … read more
Election effectsThis May’s presidential election has been cast by many in the business world as a make-or-break moment for the French economy. But with the victory on 6 May of right wing reformist Nicolas Sarkozy, French lawyers are receiving mixed messages over whether this will help their earnings. … read more
Linklaters raidLinklaters’ Italian expansion is back in full swing with news of another surprise partner raid. Once again, the target is independent firm Pedersoli e Associati. … read more
Legal lobbyingWhen Washington-based lobbying group Cassidy & Associates opened in Brussels two years ago – by hiring former Ernst & Young lawyer Andreas Geiger and former European Court of Justice advocate-general Siegbert Alber – the move was seen as a portent of further US lobbying outfits arriving in the European capital. But as of the beginning of April this year, Cassidy’s Brussels office has reverted back to a European-based law firm – Alber & Geiger – cutting its links with Cassidy. Mr Geiger describes the move as ‘entirely amicable’, and says it is unlikely to impact on decisions by other American operators to enter the market. Cassidy is well known in the US; for many years the top-billing lobbying outfit in Washington, it was bought in 1998 by US-based company IPG, which owns a number of other public relations outfits, including Weber Shandwick – the international group which also has a Brussels presence. But it seems that Alber & Geiger wanted a more clearly defined role within the consultancy business than that which affiliated them with more generalist and public relations-orientated players such as Weber. … read more
Towards a European class of group litigation
O n 13 March Meglena Kuneva, the new Bulgarian EU Commissioner for Consumer Affairs, announced over 20 initiatives to strengthen the EU’s retail market between now and 2013. The strategy is based on five so-called ‘pillars’ including the introduction of modern cross-border shopping rights and strong systems for redress and enforcement, without which consumers would never enjoy their new rights. Mrs Kuneva is inviting consultation and consideration on necessary action for the development of collective redress mechanisms for consumers’ benefit in cases of infringe-ment of consumer protect-ion or EU antitrust rules.… read more
In the last few months, the stability of the Dutch corporate world, the wisdom of the Dutch courts and the strength of the Dutch stakeholders’ model have been put to the test yet again, this time in connection with one of the country’s financial jewels – ABN Amro. The events surrounding this exhilarating case, in which the shareholders managed to get a temporary injunction preventing ABN from implementing the sale of its American arm LaSalle, make headlines on a daily basis. Dubbed the largest merger in banking history, the questions remain: which out of the many parties involved will succeed? How will other Dutch companies react to these developments? Will the bank be strong enough to weather the storm?… read more
majority upheld the first instance judgment in the Douglas v Hello! case requiring Hello! to pay OK! magazine £1 million in damages for breach of confidence for publishing unauthorised photographs of Catherine Zeta-Jones’ and Michael Douglas’ wedding. … read more
Setting your place at the top of the table
In order to achieve their strategic objectives, general counsels require the continued support of their board of directors. But, with few counsel sitting on their company’s board, it is not always easy to build credibility with these important … read more
To change the culture of a law firm is not as easy as many think. A law firm is a delicate organism and drastic changes may alter its chemical balance, so that what was previously healthy withers and dies.… read more
The German Constitutional Court’s ruling early this year that a complete ban on success-based fees for lawyers is unconstitutional seems unlikely to significantly re-structure the country’s legal services market – at least for the moment. The Court has given legislators 18 months to amend the current total prohibition, with the hint that success fees applicable to a restricted set of circumstances, rather than carte blanche, would be the right approach.… read more
Ireland keeps apace with product development demand
One of the key components in the success of Ireland as a global financial services jurisdiction is its regulatory environment, which has long been recognised as one of appropriate regulation while remaining responsive to change in industry needs. Promoters face a constantly changing demand for product and need a jurisdiction that can keep apace with that market development. Ireland, to remain competitive, needs to provide a suitable environment for such development. The Irish Government has recognised this in its initiatives as set out in its strategy document ‘Building on Success’ for the International Financial Services Industry in Ireland. The Irish Financial Services Regulatory Authority (the ‘Financial Regulator’) is supportive of this and in its ‘Strategic Plan for 2007 to 2009’, published in November 2006, the Financial Regulator commits to adopting a proportionate approach to regulation by striking a balance between the advantages of regulation and the constraints it imposes on financial services providers. A critical factor in this is speed to market and in recognition of this, Ireland has adopted a new 24 hour authorisation process for products aimed at sophisticated investors allowing an approved Promoter to bring a regulated product to market in the same timeframe as an unregulated off-shore product. … read more
General tax environment in Ukraine
The main elements of the legal framework of the current tax system of Ukraine were formed basically in three shifts: modern tax laws for major business taxes such as corporate profit tax and VAT became effective in 1997, then in 2001 the new law governing procedural aspects of relationship between the taxpayers and the tax authorities, and then new personal income tax law in 2004. Not to forget some earlier and other tax acts and continuous further modifications of the tax laws throughout the period with some major changes at spring 2005.… read more
M&A challenges in Romania 2007
Market historyThe Romanian M&A market has been characterised in recent years by a constant growth, in line with the growth of the economy. In absolute figures, the market increased ten-fold from !0.5 billion in 2003 to over !5 billion in 2005 and 2006, respectively. The milestones of 2005 and 2006 in the market have been represen-ted by the acquisition of mobile operator MobiFon in a $2.5 billion transaction by the UK based Vodafone and the privatisation of BCR (‘Banca Comercialã Romanã SA’), Romania’s largest commercial bank, in a !3.75 billion transaction awarded to the Austrian Erste Bank, each funnelling more than half of the funds that entered the market in 2005 and 2006, respectively. … read more
European Forum for In-house Counsel In-house lawyers attending ECLA’s second annual European Forum for In-house Counsel, held in conjunction with the Trier-based Academy of European Law (ERA), were given detailed advice on the application of a new pan-European enforcement regulation and updates on the status of other relevant EU laws when they met last month. Attended by significantly more in-house counsel than last year and from a wider range of countries – 16 EU member states were represented – the two-day event was held at the Jacques Thierry auditorium in Brussels on 10 and 11 May. ECLA and the Academy of European Law began the forum last year to create a function where inhouse counsel could exchange practical experience with each other and business lawyers and benefit from the more theoretical knowledge of ERA’s academic faculty. Consisting of three halfday sessions, the programme focused on the latest developments in the area of company law, current issues relating to competition law and certain aspects of European civil procedure and contract law. … read more
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