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  • Philip Wood of Allen & Overy, London, foresees a legal revolution, cutting the divides and confusions between legal systems, and argues that lawyers should do more to promote reform
  • The Dutch Bar Association has decided to stop its tariff system, by which fee guidelines are issued every year for the profession. The change comes after a government report criticized the system, saying some companies considered the fees too high. From January 1 1997 the Association will give advice on billing instead.
  • The Swedish Supreme Court has recently had to pass judgment in an interesting case (NJA 1996 s52) regarding the perfection of pledges under Swedish law.
  • Vietnam has reached agreement in principle with its creditor banks on the restructuring of its US$1 billion debt. The move should allow Vietnam to resume commercial borrowing in the international capital markets at more favourable interest rates.
  • In this, the first ever survey of the legal advisers on international equity issues, International Financial Law Review identifies the leading firms in the field and discovers why they head the tables. Richard Forster reports
  • Madeira could represent an interesting alternative for Brazilian companies wishing to avoid the consequences of recent Brazilian legislation on Corporate Income Tax (Imposto de Renda de Pessoas Jurídicas), Law No. 9249 of December 26 1995, which came into force on January 1 1996.
  • Global harmonization of over-the-counter derivatives regulation is an idea whose time has not yet come, argues Schuyler K Henderson of Baker & McKenzie, London
  • A recent US court decision could put law firm management into turmoil. The removal of partners and the closure of offices which a firm deems are not performing to standard is put into question by the Palm Beach County Circuit Court decision. The level of damages set in the case could make any sackings prohibitively expensive. The judge's comments on Cadwalader, Wickersham & Taft were cutting, but it is possible the precedent may be followed in cases where less turpitude is found.
  • Regulatory confusion and continuing uncertainties are not standing in the way of business in Russia. Lawyers are finding their market booming. By Alex Lennane
  • • US firm Cleary, Gottlieb, Steen & Hamilton has hired corporate lawyer Andrew Curran from UK firm Lovell White Durrant. Curran, who specializes in mergers and acquisitions, will join Cleary's London office on January 1. Curran will advise Cleary's lawyers in London and throughout Europe on English law (see article on page 15 for comment on this move).