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State of Rio Grande do Sul: On October 21 1997, Companhia Estadual de Energia Elétrica sold two of its three distribution networks for R3.145 billion (US$2.85 billion). The premiums over the minimum asking prices were 82.62% for the Centre-West distributor and 93.55% for the North-Northeast distributor.

New York and other US states have made substantial preparations for the advent of Emu to ensure continuity of contracts. By Daniel Cunningham and Thomas Werlen of Cravath, Swaine & Moore, New York

The leading international trade associations have combined to produce market conventions for the euro. They are winning increasing acceptance across Europe. By Clifford R Dammers of the International Primary Market Association, London

AO Tatneft, a Russian and Tartarstani company has issued US$300 million 9% bonds through Tatneft Finance, an Irish Company. The notes are due 2002 and represent one of the first Eurobond issues by a Russian corporate. Baker & McKenzie represented the managers, led by Dresdner Kleinwort Benson. Advising on US, UK, German and Russian law the Baker & McKenzie team comprised partners Tom Philipp and Chris Hogan.

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.

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."

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

Although still often thought of as accounting firms, the big six are increasingly eager to call themselves professional service providers and offer a full range of services. Legal services are the latest part of that trend. Phillippa Cannon reports

Hanover Re, the German reinsurance company, has bought the international reinsurance operations of Skandia, the Swedish insurance and financial services group. The US$490 million deal will be effective from January 1 1998.

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