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  • Sullivan & Cromwell has moved one of its senior partners to Frankfurt in a bid to strengthen its financial institutions practice in Europe and expand its local team.
  • With the storm clouds of recession gathering, and teams being slashed back home, US firms might be expected to be retreating into fortress Wall Street to keep out of the rain. Instead, many are counting on a European recovery to balance any losses in the US, and are using London as their base camp. Tom Williams reports
  • US firm Gibson, Dunn & Crutcher is the latest firm to move into Germany, after it confirmed last month that it was the mystery firm hiring the four partners that resigned from BBLP Beiten, Burkhardt Mittl & Wegener in July. At the same time, accountancy firm KPMG has denied reports that its local legal arm is to merge with the beleaguered German firm.
  • Willkie Farr & Gallagher is strengthening its corporate and tax practices in Milan, hiring two Italian partners and two mergers and acquisitions (M&A) lawyers scarcely 20 months after they spurned PricewaterhouseCoopers' Landwell network for the flexibility of a local firm.
  • O'Melveny & Myers is recruiting three lawyers to bolster the US firm's presence in Hong Kong this autumn.
  • French lawyers have given a mixed response to radical plans to change the procedure for listing companies in Paris. The French stock market regulator, the Commission des Opérations de Bourse (COB) launched a consultative document at the end of July proposing rules that overhaul listing procedures and which some local lawyers argue will change the legal position of banks underwriting new offerings on the Paris market.
  • There have been no high profile transatlantic law firm mergers since Clifford Chance teamed up with Rogers & Wells over 18 months ago. Most non-US firms in New York are playing their strategic cards close to their chests. Despite the threat of recession, US editor Tom Nicholson finds the UK firms in a cautiously expansionary mood - but keeping their options open
  • Leading Spanish firm Cuatrecasas is planning to open branches across Europe and in Latin America under its new management team.
  • A group of regional Russian banks has warned the government that introducing a three-tier system of bank licensing may cause smaller institutions to lose their right to operate.
  • The Indian government has tabled the country's new Competition Bill in parliament.