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The flood of US firms entering or expanding in the London market shows no sign of stopping. Atlanta-based Paul, Hastings, Janofsky & Walker LLP opened an office in June. New York's Cadwalader, Wickersham & Taft will open its office at the start of September. Cadwalader is being particularly aggressive in its strategy. Mitchell Sonkin, a member of the firm's management committee, says the firm is aiming to open with 15 or more lawyers , and hopes to expand that to more than 25 within a year. All but a few of them will be UK-qualified, he predicts. The firm's eventual goal is to have an office of between 50 and 75 lawyers, and Sonkin expects that to be achieved within three to four years.

Law firms in the oil-rich country that rejected EU membership are poised to abandon their traditionally sedate culture and adopt a more aggressive approach. Samantha Wigham reports

Half of Denmark’s traditionally small, family-based firms are set to disappear, according to a recent report. Clare Hepburn looks at how lawyers there are meeting the challenges of liberalization

The cabinet has recently approved a draft Bill, which will now go before parliament, enabling the government to adopt the necessary provisions for the replacement of the lira by the Euro.

The Third Annual In-House Counsel Event

A draft EU Directive which would increase the freedom of qualified EU lawyers to establish themselves and offer legal services in any member state has taken another step towards legislation. The proposed Directive would allow lawyers to practise permanently and without restriction, under their original professional title, in any EU member state, on the same basis as the host country's own lawyers. All that would be required would be registration with the bar or other relevant authority in the host state, on the same basis as in the home country. In addition, the Directive aims to make it easier to acquire the relevant professional title in the host country. Member states will have to acknowledge the professional experience foreign lawyers have gained in their jurisdiction.

The law in the United States relating to electronic funds transfers is new and undeveloped. Article 4A, governing these types of transactions, has been added to the Uniform Commercial Code and adopted by many states, including New York. A case recently reported, Sheerbonnet Ltd v American Express Bank Ltd, 951 F Supp 403 (SDNY 1995), sheds some light on the interplay between Article 4A and the common law.

The German government’s discussion paper on the Third Act for the Promotion of Financial Markets will enhance German stock markets, investment funds and venture capital. By Thomas Paul of Oppenhoff & Rädler, Frankfurt am Main

On June 16 the Ministry of Justice submitted a Draft Takeover Code introducing a mandatory public tender offer to all shareholders of listed target companies (excluding companies whose shares are traded in the over-the-counter market [Sonstiger Wertpapierhandel]). The Draft Code provides that the mandatory offer will be triggered by the acquisition of shares representing 30% or more of the voting rights in the target, irrespective of whether this acquisition of de facto control occurs through a voluntary public offer, a private purchase of a block of shares or multiple purchases in the market.

Avis Europe, the leading car rental company in Europe, has floated for the second time on the London Stock Exchange, at 124 pence a share. The company first listed in 1986, after which it was bought by a consortium led by Belgian group D'Ieteren.