KWM in Europe faces administration in January
The European arm of the King & Wood Mallesons verein is facing administration on 16th
January 2017 unless a last minute deal can be reached.
European media reports that staff at the firm have been emailed advising them to expect the measure but there is still some hope that a buyer, such as Reed Smith, may reach a deal for the firm.
A report from Legal Business says that partners have been told not to take on new clients unless they have an offer to join a new firm and that staff have been told they do not need to give notice to leave.
Meanwhile, the Law Society Gazette says that KWM Europe is looking at the possibility of transferring training contracts to other firms.
New taskforce to help lawyers tackle corruption
A new taskforce will be established by the International Bar Association and the Organisation for Economic Co-Operation to help lawyers with the global fight against corruption.
The two bodies will work to develop professional standards for lawyers involved in establishing and advising on international commercial structures and recommended actions for governments.
The move follows the release of the Panama Papers which highlighted the potential for lawyers to unwittingly assist clients in concealing assets and money laundering.
It is undeniable that lawyers must play a central role in complex offshore financial transactions,” said International Bar Association president David W, Rivkin. “To ensure that they do not unwittingly facilitate economic crime, it is imperative that lawyers ask the right questions of their clients, vet them sufficiently, understand who are to be the ultimate beneficiaries of their client’s actions, and have an understanding of sovereign laws. In practice, inevitably complications arise.”
Restructuring partner joins DLA Piper in Hong Kong
Andrew Payne has joined DLA Piper in Hong Kong from Clearwater Capital Partners where he was legal counsel.
He joins the partnership in the restructuring group with a decade of experience in private equity and restructurings gained in London and Hong Kong.
He has conducted matters in Hong Kong, Singapore, China, Australia, South Korea, Thailand, Indonesia, Vietnam, Malaysia, Taiwan and India.