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The Czech Republic's economy is into a second phase of development. Privatization is almost over and reforms are now stiffening regulation. The lawyers that are left must prepare for long-term work, not brief transactions. Paul Lee reports

• The Ministry of Justice in China has awarded 16 licences to foreign firms wishing to operate branch offices. The following received licences for Beijing: Birendelli Castellani (Italy), Brown & Wood (US), Freshfields (UK), Haythe & Curley (US), Komatsu Koma & Nishikawa (Japan), Nassir & Partners (Amman), Richards Butler (UK) and W K To & Co (Hong Kong).

UK firm Stephenson Harwood is set to open an office in Piraeus, Greece and has recruited a local shipping lawyer in Spain.

The trend towards structuring initial offshore purchases in US-registered public offerings as Regulation S transactions raises a number of legal questions. By David E Neuville of Baker & McKenzie, Hong Kong

The Hungarian Ministry of Justice is considering a draft law for foreign lawyers in Hungary. The main elements are likely to be a requirement that foreign firms register with the Hungarian Bar and not just the Ministry of Trade, and that foreign firms form associations with local firms. Stephen Forster, of McKenna Ormai, Budapest (an association of a Hungarian and a British firm), says: "The proposals seem quite reasonable, although they are at an early stage." Laszlo Kopits of Weil, Gotshal & Manges, Budapest, says: "All lawyers recognize that the operation of foreign firms must be regulated, rather than the free-for-all which now exists."

José Fernandez has joined US firm O'Melveny & Myers as partner in charge of the firm's Latin America group. He will be resident in the New York and Los Angeles offices. Fernandez comes from the New York office of Baker & McKenzie, where he gained experience in Latin American mergers, infrastructure projects, and privatization work, including as adviser to the governments of Bolivia, Peru and Uruguay.

Law firms in Australia and New Zealand are meeting the onslaught of competition from professional services firms by trimming and streamlining services. The trend is towards a high-tech, highly specialized and user friendly law firm. Morgan Acker reports

• US firm Winston & Strawn has rehired former partner Robert Bostrom. Bostrom will leave his post as legal and regulatory general counsel at NatWest Bancorp to head the financial institutions practice in the New York office of the law firm.

Ros Wright, general counsel and director of policy, the Securities and Futures Authority, talks to Richard Forster

The High Court recently held in Possfund Custodian Trustee v Diamond that it is arguable that those responsible for the issue of a company's prospectus owe a duty of care not only to initial subscribers but also to subsequent purchasers of thatcompany's shares in the market. Shares in Diamond Group Holdings (Diamond) were placed on the Unlisted Securities Market in April 1989. Most of the plaintiffs were subscribers but some had also made subsequent purchases of Diamond's shares on the USM. These later purchases took place in the 'after market', the period (in this case two-and-a-half months) after the placing during which the most recent published financial information on Diamond remained that found in the prospectus.