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Comparing the growth of the main foreign offices of the New York and London firms, Richard Forster identifies strategies that work and examines the prospects for a merged, truly global law firm

A statutory entity can only operate in accordance with its enabling statute. A considerable amount of activity in Ireland is carried on through statutory entities controlled by the state but operating in the commercial sector. From time to time legislative amendments are required to ensure that the borrowing powers and capital financing requirements of these entities keep pace with commercial developments. The latest piece of such legislation the Borrowing Powers of Certain Bodies Act, 1966 which came into force on August 1 1996. In particular it increased the borrowing limit of ACC Bank plc.

Milbank, Tweed, Hadley & McCloy has reacted strongly to the loss of the leading names in its English law practice to rival firm Shearman & Sterling. "We are out in the lateral hire market for partners, to help our English law capability," says managing partner and chairman Mel Immergut. Reiterating the firm's commitment to an English law practice, he says he is hopeful it will not take long to rebuild the practice: "The timing has been somewhat set back, but we are optimistic it is not by very much."

Philex Gold Inc, the gold mining subsidiary of Philippines mining company Philex Mining Corporation, recently made its trading debut on the Toronto Stock Exchange, on completion of Philex Gold's initial public offering in Canada. Philex Mining's choice of Canada for this offering is consistent with Canada's growing reputation as one of the world's preeminent markets for mining shares, its pool of knowledgeable investors and experienced mining stock analysts being the product of Canada's long mining history. The Philex Gold offering structure addressed a number of issues in an innovative way, including the 'foreign property' limitations applicable to certain Canadian investors under Canadian tax legislation.

The UN Compensation Commission set up to investigate Gulf War claims must make sure that pre-invasion Iraqi debts are given the same importance as war damage, argue Anthony Gardner, Roger Alford and Richard Weiner, of Hogan & Hartson LLP, Brussels and Washington

John Taylor, general counsel at the European Bank for Reconstruction and Development, London, talks to Diana Bentley

The lack of an international insolvency regime is a glaring anachronism in the era of global markets. While regulators are getting their act together, private initiatives offer the best alternative. By Daniel Cunningham and Thomas Werlen of Cravath, Swaine & Moore, New York

Denton Hall has pulled out of the reported discussions between three London firms on a possible three-way merger. The two other firms, McKenna & Co and Cameron Markby Hewitt, are reported to be continuing their discussions, but other plans may intervene.

International firm Baker & McKenzie opened an office in Japan on November 1. The firm previously operated in Tokyo through an association with Tokyo Aoyama Law Office, but the two have now formed a qualified joint venture.

In the largest privatization in European history, 600 million shares in Deutsche Telekom have been sold for a total of Dm20 billion (US$13 billion). At a share price of Dm28.50, in the middle of the Dm25 to Dm30 guide, the issue was five times oversubscribed.