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Dewey and Theodore complete divorce

US firm Dewey Ballantine and the UK's Theodore Goddard have broken up their four-office joint venture in central and eastern Europe, with Dewey buying Theodore out. The divorce of the former partners follows the split in the firms' London office when Dewey announced plans for a fully independent office (see International Financial Law Review, June 1996, page 4).

August 31 1996

USAA issues unusual bonds

USAA, the US's biggest direct home and car insurance company, is planning an unusual sale of $500 million in bonds on the capital markets. The bonds would be tied to the company's hurricane losses. Holders would have to surrender their principal if USAA is forced to cover more than US$1 billion in claims caused by any single hurricane in the next year. In return, they will receive a risk premium on top of the normal bond market return.

August 31 1996

Baker & McKenzie expands in Warsaw

Baker & McKenzie's Warsaw office has merged with the local office of Detroit-based firm Dickinson, Wright, Moon, Van Dusen & Freeman. The move follows Dickinson Wright's decision to concentrate on its US offices. The Warsaw office was the firm's only foreign base. The merger brings Baker & McKenzie's staff in Poland to 33 lawyers. For more information see the Polish country survey.

August 31 1996

Dutch Bar abandons tariff system

The Dutch Bar Association has decided to stop its tariff system, by which fee guidelines are issued every year for the profession. The change comes after a government report criticized the system, saying some companies considered the fees too high. From January 1 1997 the Association will give advice on billing instead.

August 31 1996

Akin Gump under pressure in Brussels

The Brussels operation of Dallas-based Akin, Gump, Strauss, Hauer & Feld, LLP is under severe pressure after the loss of four lawyers. Name partner Marc Dassesse has left Akin, Gump, Strauss, Hauer, Feld & Dassesse to become a partner at the Brussels office of Washington-based McKenna & Cuneo. He will be joined by Akin Gump partner Anabelle Ewing and lawyers Jan van Besien and Isabelle d'Arthuys.

August 31 1996

Can you sack under-achievers?

A recent US court decision could put law firm management into turmoil. The removal of partners and the closure of offices which a firm deems are not performing to standard is put into question by the Palm Beach County Circuit Court decision. The level of damages set in the case could make any sackings prohibitively expensive. The judge's comments on Cadwalader, Wickersham & Taft were cutting, but it is possible the precedent may be followed in cases where less turpitude is found.

August 31 1996

Ethical Italian

Dr Franco Riolo, general manager of the legal and tax department at Banca Commerciale Italiana, talks to Diana Bentley

August 31 1996

Comment

Philip Wood of Allen & Overy, London, foresees a legal revolution, cutting the divides and confusions between legal systems, and argues that lawyers should do more to promote reform

August 31 1996

Banking balancing act

Johan Tyteca, head of the legal department at Kredietbank, talks to Diana Bentley

July 31 1996

Latin America litigation

The history of registration requirements imposed on securities in Argentina illustrates the volatility of the country's economic conditions and regulations over the last decade. More recently, it has also been evident that when a desperate need for higher tax revenues is the driving force behind its implementation, this seemingly technical requirement may even threaten to wreak havoc in the secondary market for debt securities.

July 31 1996

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