As a cautious breed, lawyers are often the last to get excited about what they read in the press. So when claims emerged last week that Russian aluminium giant RUSAL was planning to turn its back on London in favour of a float in Hong Kong, many senior capital markets lawyers were yet to press the panic button.
But whether or not there are any legs to the story, one firm that should view such talk as a warning shot is Ashurst. The City firm is advising on the listing alongside Cleary Gottlieb Steen & Hamilton, but would risk losing its role if the offer moves away from London, as it has no office in Hong Kong.
