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South Korea Moves to Loosen Regulations on Legal Trade
The American Lawyer
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The Korean government is planning a major deregulation of the nation's legal and other professional services markets, the Korea Herald reports. A number of measures aimed at reducing regulation have been recommended to the government by the Korean Development Institute, a think tank. Perhaps most controversially, the KDI has proposed that non-lawyers and conglomerates be permitted to own stakes in law firms. Local bar groups are not happy about the move toward less regulation of the trade.
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Sri Lanka / United States
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Top General Added to List of Patton Boggs' Sri Lankan Clients
The American Lawyer
- If Patton Boggs can find a way to steal Raj Rajaratnam away from Akin Gump, the firm might have to open a Colombo office to service its stable of high-profile Sri Lankan clients. The country's chief of defense staff, General Sarath Fonseka, has been asked to attend an interview with the U.S. Department of Homeland Security on Wednesday concerning alleged human rights abuses. But the government of Sri Lanka is vehemently opposed to the interview, and is relying on Patton Boggs to resist any interrogation.
Global Lawyer / Hong Kong / United States
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Nearly Two Years in, Mayer Brown Declares Hong Kong Merger a Success
The American Lawyer
- When it comes to international expansion, Mayer Brown doesn't go for half measures. The Chicago-based firm's 2002 merger with London's Rowe & Maw remains one of the largest transatlantic mergers to date. Five years later, Mayer Brown made a similarly big move in Asia, combining with Hong Kong's largest law firm, 260-lawyer Johnson Stokes & Master. The Asian combination, still the largest undertaken by a global firm, is now 20 months old. But second-guessing continues in the Asian legal community.
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Myanmar / United States
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DOJ Settles Former Drug Enforcement Agent's Suit for $3 Million
The National Law Journal
- The federal government has agreed to settle for $3 million a long-running suit in federal district court that alleged a former CIA officer and a State Department official unlawfully eavesdropped on a drug enforcement agent in Burma. The terms of the agreement were detailed in court papers filed Tuesday in the U.S. District Court for the District of Columbia. The suit, filed by former DEA agent Richard Horn, was filed in federal court in 1994. The litigation had been under seal until this summer.
Hong Kong
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New Bill Could Bring Chapter 11 to Hong Kong
The American Lawyer
- Efforts to introduce a Chapter 11-style corporate restructuring law in Hong Kong have been revived, the South China Morning Post reports. In Hong Kong and in much of the rest of Asia, failing companies typically end up in the hands of liquidators. By comparison, Chapter 11 proceedings under the U.S. Bankruptcy Code famously permit troubled companies to enter a court-supervised period of reorganization, during which they are sheltered from creditors and can seek ways of boosting their finances.
China / Taiwan / United States
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Lawyers Square Off in Closings for Semiconductor Trade Secrets Trial
The Recorder
- Lawyers for two giant semiconductor companies faced off calmly in closing arguments in a trade secrets and breach-of-settlement trial Wednesday, but the bitterness of a years-long international grudge match between Taiwan's TSMC and China's SMIC was hard to miss. The nine-week California trial centers on a settlement agreement that TSMC and SMIC came to in 2005, in which SMIC agreed to pay $175 million to settle allegations of rampant trade secret theft.
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