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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

Hong Kong

The Stock Exchange of Hong Kong Limited (the HKSE) recently granted the first waiver under the guidelines issued in January 1996 for infrastructure companies which do not meet the general three-year profit requirements. The waiver was granted to Road King Infrastructure Limited whose shares were listed on July 4 1996.

July 31 1996

China

As China enters its ninth five-year plan this year, the BOT (build-operate-transfer) method of infrastructure financing has been receiving keen interest. In particular, power plant project financings are moving closer to the international model of BOT investments.

July 31 1996

Turkey

A communiqué issued by the Undersecretariat of Treasury has amended some sections of the previous communiqué on foreign investment. The main points are as follows:

July 31 1996

Switzerland

Fifteen years ago, a partial revision of the Swiss Federal Constitution anchored womens' rights to equal treatment in respect of family, education and work, guaranteeing them in Article 4(2) the right to equal pay for equal work. The Swiss Federal Parliament has now enacted an Equality Act (Gleichstellungsgesetz) which came into effect on July 1 1996. The main focus of the Act is on furthering the equal treatment of men and women at work. The following are the most important changes.

July 31 1996

Jersey

A draft Investment Business (Jersey) Law is expected to be submitted to the States of Jersey towards the end of this year. The Investment Business Law would be Jersey's equivalent to the UK Financial Services Act and would provide for the supervision of investment business and matters related thereto.

July 31 1996

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