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US rail services company CSX is seeking to merge with US freight railroad Conrail, in a cash and share deal worth US$9.4 billion. The merger would create one of the largest freight transportation and logistics companies. Conrail is also facing a US$10 billion hostile bid from Norfolk Southern Corporation, a rail network company.

The Polish government will decide the fate of foreign lawyers in a series of votes over the next few weeks. One proposal would restrict foreign law firms' ability to hire domestic lawyers and could require all foreign offices to be operated by Polish firms. But foreign firms should not worry yet, according to Stephen Denyer, partner at Allen & Overy in Warsaw and leader of a group formed by foreign lawyers in Poland. "Although the voting is soon, the government proposed this three-and-a-half years ago," he explains. "The legal regime here will definitely change. It will probably be necessary to have fully-qualified lawyers, and the Polish system will change. But the rules might just restrict foreign firms, rather than forcing foreign lawyers not to practise here."

Milan firm Traverso & Associati has opened an office in Rome. Salvatore Italia becomes managing partner of the office, which will specialize in company law. The firm has appointed Tito Ballarino, a university professor of international and EU law, as counsel. Mariapia Martino also joins the office from Balducci-Caranno, where she specialized in civil and criminal law.

Mark Harding, general counsel of Union Bank of Switzerland, London, talks to Samantha Wigham

Bank Security and Other Credit Enhancement Methods

US firm Shearman & Sterling has changed the name of its Budapest office. Hungarian legislation requires the firm to set up a separate Hungarian firm made up of its Hungarian lawyers. The firm is called Bán, S Szabó & Partners and is headed by Chrysta Bán. He is assisted by Péter Szabó, who joins from rival Bogsch & Partners. The firm will continue to cooperate with Shearman & Sterling. John Baltay, head of Shearman & Sterling's Budapest office since 1992, becomes international counsel to the new firm.

On January 1, the government of Victoria in Australia changed its regulations on law firms. The government felt public confidence was being undermined, for three reasons: the lack of independent regulation, limited information on billing and the restrictive nature of professional practices.

Under the Exchange Law Statute, an external credit should comply with the following requirements:

General Telecommunications bill

For the first time, International Financial Law Review has identified the leading firms in the Yankee bond market. Meanwhile, Linklaters continues to dominate the Eurobond market. Richard Forster and Samantha Wigham report