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The New Economic Regulations Act (loi sur les Nouvelles Régulations Economique, or NRE), which came into force in May 2001, has introduced a wide range of provisions to strengthen the legislative framework in the fields of competition law, company law and banking law.

Cadwalader, Wickersham & Taft 55 Gracechurch Street

China’s membership of WTO may not be the answer to foreign law firms’ sluggish Asian practices. While 1.3 billion people represents an exciting potential, there is a long way to go before China proves capable of winning the full confidence of major-league investors. Nick Ferguson reports

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.

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.

O'Melveny & Myers is recruiting three lawyers to bolster the US firm's presence in Hong Kong this autumn.

Milbank, Tweed, Hadley & McCloy has structured Latin America's largest telecoms financing so far this year, using templates of documents drafted by the firm for the financing for Brazil's BCP last year.

Clifford Chance and Freshfields act on latest E.ON deal

French boutique firm Bredin Prat has poached a senior partner from the breakaway Paris arm of Dutch firm Stibbe. Stibbe Paris is in merger talks with US firm Latham & Watkins. Competition specialist Hughes Calvet is to join the French mergers and acquisitions boutique in September, ending a seven-year tenancy at Stibbe. Calvet says his decision was not connected to Stibbe's talks with Latham & Watkins and that Bredin Prat was simply better suited to his area of practice. "Joining a firm like Bredin Prat would be a positive prospect for any lawyer in Paris," he says. "I think there is room for a boutique firm that focuses on top end work."