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  • • US firm Cleary, Gottlieb, Steen & Hamilton has hired corporate lawyer Andrew Curran from UK firm Lovell White Durrant. Curran, who specializes in mergers and acquisitions, will join Cleary's London office on January 1. Curran will advise Cleary's lawyers in London and throughout Europe on English law (see article on page 15 for comment on this move).
  • In a market formerly dominated by only one practice area, privatization, lawyers are enjoying the opportunity to offer more general corporate advice. However, this is putting weaker firms under pressure and leading to consolidation. Paul Lee reports
  • Last July, ISVAP, the supervisory authority for insurance companies, enacted provisions on the use of derivatives by insurance companies which will enter into force as of October 1 1996. Any financial instrument the price of which is related to the value of one or more activities or indices is considered a derivative product irrespective of the way it is described.
  • Regulatory confusion and continuing uncertainties are not standing in the way of business in Russia. Lawyers are finding their market booming. By Alex Lennane
  • 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.
  • 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.