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Brown & Wood is set to develop its Latin American capital markets practice by opening an office in São Paulo. New York partner Michael Fitzgerald, co-head of corporate securities and who supervises the Latin America practice, says: "We have a lawyer there who is affiliated with the firm and we are in the process of negotiating a lease. I think we will have some kind of representative office with an associate in São Paulo within the next six months." The move follows announcements from New York rival White & Case and the UK's Linklaters & Paines, that they too are opening São Paulo offices (see International Financial Law Review, October 1997, page 5).

Germany will produce detailed legislation to ensure a smooth transition into the third stage of Emu. It includes specific rules for reference rates and redenomination. By Katrin Kühnle of Hengeler Mueller Weitzel Wirtz, Frankfurt

Dow Chemical has agreed to sell its Dow Brands consumer products unit to SC Johnson for between US$1.3 billion and US$1.7 billion. The deal is expected close by the end of 1997, pending regulatory approval. The sale is a further move to rid Dow of its non-core businesses. Dow Chemical has appointed US firm Mayer, Brown & Platt as legal advisers. Corporate and securities partner Scott Davis heads the team.

San Francisco-based Orrick, Herrington & Sutcliffe is set to join the influx of US firms entering the London market. New York managing partner Michael Volstad says: "Sometime relatively early next year we should have an office in London; we are actively looking to get involved there." The firm, which is focusing on structured finance, has advertised for English lawyers and intends to have an English team in London and Tokyo. An advertisement, believed to be for Orrick Herrington, appeared recently in the legal press. It offered between US$500,000 and US$1 million for English-law qualified partners in the structured and project finance fields. It claims to be "an exceptional start-up opportunity".

With the globalization of financial services, New York law firms are adapting their approach for a global market. But traditional relationships remain strong. Richard Forster reports

Dutch firm Trenité van Doorne is the first foreign law firm to open in Cuba. It officially opened the Havana office on November 12, with two Dutch lawyers, Jan Willem Bitter and Sebastiaan Berger, and one Cuban, Alejandro Cruz Román. Bitter explains the firm has had links in Cuba since the early 1990s, with lawyers frequently handling business there. Clients of the firm's Curaçao office began to be active in Cuba in the late 1980s. For the firm, the office is just a natural extension of these operations.

Despite confusion created by a speech made to the IBA by a leading Japanese lawyer, it is clear that reforms to the Japanese legal market will not enable international firms to hire Japanese lawyers (bengoshi). Foreign firms in Japan have been lobbying the ministry of justice commission to fully liberalize the legal system, and the decision to continue restrictions on foreign firms in Tokyo has been greeted with disappointment. Toshiro Nishimura, name partner of Nishimura & Partners and member of the ministry of justice commission, caused the confusion when speaking of the advancement of partnerships between Japanese and international firms. However, he has since clarified that he was referring to the decision to relax the rules on joint enterprises. The few firms which work in a joint enterprise will now be able to work on all areas of international law, including litigation. Work on any domestic law is still forbidden. Nishimura claims the reforms will be beneficial to foreign firms. He says: "I expect the number of firms with cooperation pacts to rise, this should be an incentive for firms."

The legal preparations for the introduction of the euro have moved on. Geoffrey Yeowart of Lovell White Durrant, London, updates the answers given in the January issue to the most frequently asked legal questions

New York's Simpson Thacher & Bartlett is opening a full office in Los Angeles after promoting associate Dan Clinver to partnership. The firm has had a presence in Los Angeles for some time, primarily to service key client Seagram, the acquisitive Canadian entertainment and drinks group. New partner Dan Clinver will head the office focusing on corporate matters.

Against the backdrop of greater political stability and improving economic prospects, Pakistan has recently made it easier to float companies. By Mansoor H Khan of Khan & Associates, Lahore