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The US$4.3 billion debt owed by the former Yugoslavia has been partially apportioned to Slovenia and Croatia. Croatia has issued US$1.46 billion and Slovenia US$812 million in bonds in exchange for their share of the debt.

Consortium of developers

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.

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.

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.

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.

The following is a summary of recent developments:

The Prevention of Terrorism (Jersey) Law 1996 came into force in Jersey (with the exception of certain provisions thereof) on July 1 1996. The Law proscribes organizations involved in terrorism, contains powers to exclude certain persons from Jersey, includes offences of providing financial assistance for terrorism and provides for the investigation of terrorist activities.

US firm Morgan, Lewis & Bockius may be planning an office in the Russian federation. The firm recently entered into a mutual referral agreement with Rothstein & Shaw, which has offices in Moscow and Almaty, Kazakhstan. Rothstein & Shaw's practice is focused in the areas of corporate and commercial law, securities, real estate and joint ventures. In return, Morgan Lewis has the expertise of its Russian and CIS practice group, which was recently strengthened by four lawyers who joined from Coudert Brothers. Partners Jake Redway and Jan DuBois have experience in providing advice to clients on transactions in the Russian Federation and are supported by associates Adam Deery and Michael Pekowsky. Pekowsky will be resident in the Moscow office of Rothstein & Shaw.

Despite the loss of partners to Morgan Lewis, Coudert Brothers is pressing ahead with its office in St Petersburg, headed by Marian Hagler, a senior associate from the Moscow office. The office will be staffed by Hagler and a Russian associate, and will advise US companies investing in the St Petersburg region, particularly in joint ventures, privatizations and real estate transactions. Partner supervision will be from Moscow and New York.