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The largest US merger between east and west coast law firms is being contemplated by New York firm Reid & Priest and San Francisco's Thelen, Marrin, Johnson & Bridges LLP. The combined firm would have about 350 lawyers. Meanwhile, Reid & Priest has also linked with ambitious Indian firm Titus & Radhakrishnan. Richard Gary, Thelen Marrin's chairman, says: "The conversations are at a very serious stage. I expect there will be a decision within the next few weeks." A spokesperson for Reid & Priest refuses to comment.

UK firm Norton Rose is disbanding its national group of associated firms, the Norton Rose M5 Group, to concentrate on an international strategy. The group unanimously agreed to wind up its formal links by the end of July 1998. One possibility was that the group would eventually become a single national firm. However, a decision was taken not to merge in 1993, and the firms began to pursue their own individual strategies, most notably when two members of the group, Booth & Co, and Addleshaw Sons & Latham merged last year.

On February 19, the Bank of Botswana liberalized exchange controls. The liberalization falls short of a complete abolition of exchange controls, although this may occur in the next six to eight months.

The IMF recently declared that measures taken by the Brazilian government in the aftermath of the Asian financial crisis have prevented the extension of the crisis to Latin America. The IMF also emphasized that the Brazilian stabilization programme depends on the implementation of constitutional amendments on public administration, social security and financial matters. The finance minister, Pedro Malan, stated that the reforms would need to be approved and implemented within two years. Meanwhile, Brazil's financial situation would be sustained with the proceeds of the privatization programme.

Two recent decisions have underlined the enduring significance of subrogation in legal practice. A person who has this right or remedy is known as the subrogatee. The subrogatee stands in the shoes of another person to enjoy the benefit of securities, claims and remedies available to that other person.

As capital markets, project finance and securities work dry up in Asia some law firms are concerned. Most are compensating by changing the emphasis of the work they offer. Some are even expanding. By Mairi MacLean of Baines Gwinner, London

Indonesia offers two options to creditors: bankruptcy and moratorium law. The bankruptcy law is more attractive and designed for their benefit. By Robert N Hornick of Morgan, Lewis & Bockius LLP, New York

Halliburton, the second-largest company in the oil services industry, is to buy Dresser Industries, the third-largest, in a US$8.1 billion stock swap. The deal will create a company with US$16 billion in combined revenue, and relegates Schlumberger, at present the world's largest oil-services group with revenues of US$11 billion, to second place. The move is expected to lead to further consolidation within the industry. US firm Vinson & Elkins, Houston, represented Halliburton. Lead partner was mergers and acquisitions specialist Bill Joor. The Houston office was assisted by a team in the Washington DC office, working on antitrust issues and led by Ky Ewing. Weil, Gotshal & Manges, New York, advised Dresser Industries. Dennis Block, mergers and acquisitions partner, coordinated the lawyers.

Peruvian company Minera Yanacocha was formed by a group of investors in 1992 to exploit a mine in the northern region of Cajamarca. The company today holds one of the most attractive gold deposits in the world, with an estimated production of 1 million ounces of gold a year. It is also the subject of shareholder litigation over shares worth more than US$100 million, now awaiting a final vote in the Supreme Court and representing the most important legal claim in Peru's mining history.

Serdar Paksoy, name partner and co-founder of leading Turkish firm Hergüner Bilgen & Paksoy, has walked out on the firm and set up his own practice. Paksoy & Co opened for business in Istanbul on January 1 1998. The reasons for the split are numerous, but include differing views on management, growth and practice areas, says Paksoy. Esin Taboglu, a senior associate at Hergüner Bilgen, has followed Paksoy and will join him as his partner in the new firm. Paksoy & Co has four associates in addition to the two partners, including a former associate at Hergüner Bilgen.