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A new Russian bankruptcy law became effective on March 1 1998 (Federal Law No. 6-FZ On Bankruptcy). Given the difficulties being experienced by the Russian economy and the precarious state of many enterprises, the new law may assume growing importance in the reform process. Under previous legislation, bankruptcies proved difficult to implement and only infrequently resulted in the liquidation or material restructuring of troubled debtors. Key improvements in the new law include a revised and more practical definition of bankruptcy; a wider list of actors who may start bankruptcy proceedings; and new and more detailed procedures governing the activities of the courts, creditors and manager/trustees in connection with bankruptcy.

A possible amendment to the Act on Building Societies (Ustawa o kasach oszczednosciowo-budowlanych) seriously threatens the development of the newly established Polish building societies.

New regulations on netting agreements governing financial transactions related to derivative instruments have been passed as an additional provision to a law customarily enacted at the same time as the approval of the budget for the following year. That law, which came into force on January 1 1998, added a new section to a 1994 law on the Second Banking Directive.

Despite resistance from rivals and internal opposition, Lagerlöf & Leman has chosen European integration over independence. Nick Ferguson reports from Stockholm on a market divided by Lagerlöf’s vision for European legal services

A group of 15 lawyers who left Swedish law firm Lagerlöf & Leman because of its association with UK firm Linklaters & Paines are now the country's highest billing lawyers. Partners at Hammarskiöld & Co in Stockholm brought in on average Skr 9.6 million (US$1.17 million) per partner, almost twice that of the partners at their previous firm, according to figures published in the Swedish business newspaper Affärs Världen. In July, Lagerlöf & Leman, along with three other members of the Alliance, entered into an association with Linklaters. The new grouping, Linklaters & Alliance, includes Oppenhoff & Rädler in Germany, De Brauw Blackstone Westbroek in the Netherlands and De Bandt van Hecke & Lagae in Belgium.

US telecommunications company AT&T and British Telecommunications (BT) are embarking on a joint venture which is expected to make US$11 billion in annual revenue. The companies aim to increase their presence in the multinational telecoms market. Advising AT&T is Wachtell Lipton Rosen & Katz, New York. The team of lawyers includes partners Steven Rosenblum (corporate), Richard Katcher (corporate), Stephanie Seligman (corporate), Adrienne Atkinson (corporate), Peter Canellos (tax), Jodi Schwartz (tax) and Ilene Gotts (antitrust).

May the holders of American Depository Receipts (ADRs) reflecting ownership of shares in a Japanese corporation bring a shareholder derivative action on behalf of that corporation? Both US and Japanese law provide for shareholder derivative actions. However, the US Court of Appeals for the Ninth Circuit has held in Batchelder v Kawamoto [July 15 1998] that under Japanese law on ADRs, the holder of the ADRs did not have standing to bring the derivative action.

The Commission has put forward two proposals for Directives to establish a clear regulatory framework for electronic money within the EU. By creating harmonized minimum rules on the stability of institutions responsible for issuing electronic money, it aims to encourage the development of electronic commerce and promote confidence among consumers and business.

The four firms which traditionally dominate the Norwegian market are maintaining their strong position, but new players are ready to enter the arena. The legal markets of the Baltic States continue to develop. Barbara Galli reports

“Estonia is ahead of us in marketing itself, but when you compare the actual figures we are on a similar level,” says Giedrus Stasevicius, associate partner at Lideika Petrauskas Valiuñas & Partners. Lithuania’s situation has improved significantly since last year, raising hopes for EU membership. Foreign investors are extremely active, attracted by the intense privatization programme and the good economic situation.