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FCPA Report Shows Companies Shelling Out to Avoid Nasty Prosecution
Corporate Counsel
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With the number of foreign bribery cases soaring, corporations in mergers or acquisitions are spending more time and legal resources making sure they don't acquire a nasty prosecution along with the new business. That's one of the findings in Shearman and Sterling's semiannual report on the Foreign Corrupt Practices Act. The report also predicts that the government will emphasize going after individual employees, a shift from past practice.
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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.
Offshore / Switzerland / United States
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Groups Cry Foul Over UBS Whistleblower Term
Daily Business Review
- Without expatriate whistleblower Bradley Birkenfeld, offshore tax havens for Americans might still be a great way to hide money from the IRS. For his help in uncovering an international network of hidden money, the former UBS banker received a 40-month federal prison sentence. Three Washington, D.C.-based government watchdog groups say the sentence imposed by U.S. District Judge William Zloch will discourage other bankers from coming forward to the IRS under a three-year-old whistleblower law.
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Global Lawyer
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McDermott's China Alliance Forges On, but Rivals Question Long-Term Viability
The American Lawyer
- In 2007, MWE China Law Offices looked like it could be the future of China practice. The new Chinese law firm was to be the exclusive ally of Chicago's McDermott Will & Emery and would carry the 1,000-lawyer U.S. firm's brand into China. It seemed an ingenious way for an American law firm to enter local Chinese practice while skirting official restrictions barring foreign firms. But three years later, no one has followed MWE China's example, and rivals now openly question the firm's long-term viability.
Global Lawyer / United Kingdom / United States
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Hogan & Hartson, Lovells Merger Talks Advance
The American Lawyer
- Hogan & Hartson and Lovells are one step closer to merging. The management teams of both firms have signed off on the union, according to a statement released early Thursday. The agreement to proceed with the merger was unanimous; the matter will next be taken up by the firms' respective partnerships. If ultimately approved, the combined firm will number roughly 2,500 lawyers and rank in the top 10 globally in terms of revenue.
European Union / Netherlands
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Four Firms Land Roles on ING Split
The American Lawyer
- In a breakup mandated by European regulators, four firms are advising on an $11.3 billion restructuring plan and rights issue that will separate the banking and insurance arms of Dutch financial services giant ING. Sullivan & Cromwell and Dutch firm Stibbe are advising Amsterdam-based ING on the rights issue. Freshfields Bruckhaus Deringer is advising ING on European Commission antitrust issues.
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