Search results for

The flood of US firms entering or expanding in the London market shows no sign of stopping. Atlanta-based Paul, Hastings, Janofsky & Walker LLP opened an office in June. New York's Cadwalader, Wickersham & Taft will open its office at the start of September. Cadwalader is being particularly aggressive in its strategy. Mitchell Sonkin, a member of the firm's management committee, says the firm is aiming to open with 15 or more lawyers , and hopes to expand that to more than 25 within a year. All but a few of them will be UK-qualified, he predicts. The firm's eventual goal is to have an office of between 50 and 75 lawyers, and Sonkin expects that to be achieved within three to four years.

Ernst and Young and a major US law firm are looking to move into the Canadian market. A source has confirmed that Ernst & Young is one of the firms behind an anonymous recruitment advertisement placed in a Canadian magazine. The advert, placed in The Ontario Reports on May 16, offers salaries up to C$400,000 (US$290,000) in a bid to poach "the best talent in Toronto" and states that "the firm is determined to quickly become a major tier-one firm". A source at ZSA Legal Recruitment, which placed the advert, confirms the agency is working for "a big six accountancy firm and a US law firm". Another source has confirmed market rumours that linked the advertisement to Ernst & Young. The firm has already displayed its interest in the Canadian legal market by developing a relationship with the Canadian law firm Donahue & Co. Rob Lord, vice-chairman of Professional Services for Ernst & Young in Toronto, refuses to confirm or deny the firm's involvement with ZSA. However, he does say that the legal market is of considerable interest to Ernst & Young, and indicates that the firm will make an announcement in the future. The other big six accountancy firms denied any involvement with the advertisement. The identity of the US law firm is unknown.

The commission considering financial regulation in Australia has recommended a new format for regulation, aimed at boosting financial services competition. By Don Harding of Freehill Hollingdale & Page, Sydney

Auditors' duty of care

A draft EU Directive which would increase the freedom of qualified EU lawyers to establish themselves and offer legal services in any member state has taken another step towards legislation. The proposed Directive would allow lawyers to practise permanently and without restriction, under their original professional title, in any EU member state, on the same basis as the host country's own lawyers. All that would be required would be registration with the bar or other relevant authority in the host state, on the same basis as in the home country. In addition, the Directive aims to make it easier to acquire the relevant professional title in the host country. Member states will have to acknowledge the professional experience foreign lawyers have gained in their jurisdiction.

The law in the United States relating to electronic funds transfers is new and undeveloped. Article 4A, governing these types of transactions, has been added to the Uniform Commercial Code and adopted by many states, including New York. A case recently reported, Sheerbonnet Ltd v American Express Bank Ltd, 951 F Supp 403 (SDNY 1995), sheds some light on the interplay between Article 4A and the common law.

US firms are putting less weight on lawyer billings and are using more objective criteria to determine partner compensation, according to a survey report published by consultants Altman Weil Pensa. The firm's previous survey of this sort, in 1993, found that personal fees billed was the most important factor in calculating lawyers' compensation. The new survey has found that business origination has become the most significant determinant.

Big six accounting firm Price Waterhouse launched a Russian law firm in early June. The firm, called, snappily, Price Waterhouse Commonwealth of Independent States (CIS) Law Offices, will be primarily staffed by Russians and in due course managed by Russian lawyer partners. "This is a natural extension of Price Waterhouse's presence in the Russian market," says Emory Kesteloot, the tax and legal partner responsible for coordinating the creation of the law firm. "We expect to be among the top Russian law firms. To this end we have appointed two of the most experienced Western legal specialists to lead and develop the practice as resident partners in Moscow." The two are: Professor WE Butler and Maryann Gashi-Butler.

The Third Annual In-House Counsel Event

Section 6 of Singapore's Civil Law Act nullifies gaming contracts and prohibits the recovery of any wagering prize. It remains unclear as to whether a swap agreement is a gaming contact within the meaning of the Act and hence invalid under Singapore law.