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The Brussels operation of Dallas-based Akin, Gump, Strauss, Hauer & Feld, LLP is under severe pressure after the loss of four lawyers. Name partner Marc Dassesse has left Akin, Gump, Strauss, Hauer, Feld & Dassesse to become a partner at the Brussels office of Washington-based McKenna & Cuneo. He will be joined by Akin Gump partner Anabelle Ewing and lawyers Jan van Besien and Isabelle d'Arthuys.

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 government has taken steps to encourage insurance companies to provide offshore insurance services in Labuan's International Offshore Financial Centre. Although reaction in the banking market to the possibility of setting-up offshore had been good, only six insurance companies had moved to the centre.

The Finance Ministry has recently revised its policy relating to the issue of Foreign Currency Convertible Bonds (FCCBs) and ordinary shares (through the Depositary Receipt mechanism). It has substantially relaxed its policy on Euro-issues including clearance to non-bank finance companies to access the European market. Under the revised guidelines, non-bank financial companies registered with the Reserve Bank of India have been permitted to float Euro-issues. The new guidelines are expected to promote greater flexibility.

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.

Dr Berthold Kusserow and Dr Eva Reudelhuber of Oppenhoff & Rädler, Frankfurt, describe the impact that implementation of the Investment Services Directive (ISD) will have on investment services firms in Germany

Ways of taking security interests are becoming increasingly sophisticated. Here is a guide, by James E Hogan, Aigoul Kenjebayeva, Gary Sullivan, Robert Starr and Karen Widess of Salans Hertzfeld & Heilbronn, Paris, Almaty and London

France has introduced new pledging and netting provisions which will be welcomed by participants in structured financings and derivatives deals. By Stéphane Mouy of Banque Paribas and Edward Nalbantian of Watson, Farley & Williams, Paris

Mark Daley of Berwin Leighton, London and Francesco Seassaro of Carnelutti, London reports on legislation which may mean the demise of a convenient cross-border borrowing structure

The Swedish Supreme Court has recently had to pass judgment in an interesting case (NJA 1996 s52) regarding the perfection of pledges under Swedish law.