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For the first time, the decision of a regulator relating to modifications of a utility's licence has been successfully challenged on the basis that the regulator acted irrationally.

In the first of a series of articles drawn from the 1998 edition of the International Financial Law Review 1000 Directory, Paul Lee examines the IFLRev50, the world largest law firms, and their international strategies

UK firm Lovell White Durrant has hired capital markets specialist Philip Boys from rival UK firm Slaughter and May. Boys will be a partner in Lovell's Paris office. "We have been doing a lot of capital markets work out of Paris for Indosuez and a number of French banks," says David Hudd, partner in the London capital markets group. "Philip will be involved there, where he has a dual qualification [as a solicitor and avocat]." Boys has wide experience of debt and equity work after 12 years as a partner with Slaughter and May. Reaction to Boys's defection reflects Slaughter and May's receding profile in international capital markets work (see IFLRev survey, February 1997 page 19).

A survey of pay rewards for US in-house lawyers reveals an end to the rise and rise of corporate legal salaries. The study was conducted by the management consulting firm Altman Weil Pensa and jointly published with the American Corporate Counsel Association. According to the survey, chief legal officers, the most senior corporate legal executives, suffered a drop of almost 5% in their compensation (salary plus bonus), and recent law school graduates, traditionally the lowest-paid corporates, saw a 10% fall. On average chief legal officers were paid US$286,621 and new graduates US$46,981.

With the remaining barriers between cantons being dismantled and clients demanding specialist expertise, the traditional divisions within the Swiss market are disappearing. Paul Lee reports

White & Case's London office has lost its senior partner to Latham & Watkins's London office. Latham & Watkins has lured Bernard Nelson, a corporate finance specialist, from its US rival. Latham & Watkins moved to London in 1990 and has since concentrated on project finance work. But the development of a capital markets capacity is a natural one. "Latham & Watkins is one of the premier capital markets firms worldwide, but traditionally it has not been so strong in Europe," says Nelson. "Now I hope we will become one of the premier departments in Europe."

Sixth ECLA conference: in-house counsel steps up campaign on privilege

Travelers Group, the US financial services group, is to pay US$9 billion for Salomon, the holding company for Wall Street investment bank Salomon Brothers. Salomon is believed to have sought the merger after heavy third-quarter losses. Travelers will merge Salomon into its own domestic brokerage business, Smith Barney.

Nomura International, the Japanese investment bank, has bought 4,000 pubs in a £1.2 billion (US$1.9 billion) purchase from Intreprenneur. Nomura bought the pubs, owned by Grand Metropolitan and Fosters Brewing Group, through the Grand Pub Company.

If credit derivatives are found to be contracts of insurance, in many jurisdictions they will face strict regulation. David Benton, Patrick Devine and Philip Jarvis of Allen & Overy, London, explain how this interpretation can be avoided