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South Korea Recommended firms Tier 1 Kim & Chang Shin & Kim Yulchon Tier 2 Bae Kim & Lee Lee & Ko Tier 3 Horizon Law Group Hwang Mok Park Kim Chang & Lee Kim Choi & Lim Yoon Yang Kim Shin & Yu Responding to the threat posed by international institutions, consolidation in the Korean financial services industry has continued to produce deals, with one highlight being Shinhan's takeover of LG Card, reported as the largest takeover ever in Korea.

The Polish capital markets are at their healthiest ever. And the top-tier firms couldn't be happier. "The market is spectacular for us; this is what we were waiting for," said one partner.

Hong Kong's regulator, the Securities and Futures Commission (SFC) has frozen Great Honest Investment Company's operations after finding evidence of unauthorised dealings and irregularities with clients' accounts.

Allen & Gledhill and WongPartnership continue to dominate the Singaporean market, grabbing the lion's share of important deals and exploring avenues of growth to sustain their positions at the top. Allen & Gledhill has recruited talented capital markets veteran Lim Teong Sit from Malaysian firm Shearn Delamore & Co, while WongPartnership has begun to seize valuable assignments in the Middle East after establishing an office in Qatar this year. Smaller players such as TSMP Law Corporation have broadened the depth of their practices too. The recent joint venture, for example, between TSMP and accomplished Australian firm Allens Arthur Robinson could be promising for the Singaporean firm. The venture not only offers the potential for increased appointments, the added ability to offer both local and foreign legal advice may enable TSMP to climb the ranks in the next few years.

Koninklijke Philips Electronics announced plans to acquire The Genlyte Group for $2.7 billion, creating the largest lighting company in North America.

Cigna Corporation acquired Great-West Healthcare for $1.5 billion, expanding its business west.

Counsel in Hong Kong could soon be swatting up on shariah law, with a primary and secondary sukuk market expected in Hong Kong early next year

Magister & Partners has appointed John Ryan from Russin & Vecchi and Andrey Shevchenko from oil company Rosneft as new partners at its Moscow office.

In a paper discussing challenges in Islamic finance, the FSA has revealed its discomfort with shariah scholars

While counsel welcome the UK FSA's call for more disclosure of contracts for difference, some suggest that a voluntary regime may not be tough enough