The top 20 UK firm is currently assessing plans overseen by Russian practice group head, David Goldberg (pictured), to launch a local practice — which would mark SJ Berwin’s first office outside continental Europe and its sixth outside London.
Goldberg told Legal Week: “We are formulating our strategy in relation to
News of SJ Berwin’s review comes in the same week that Salans expanded its offering in
Naumov’s hire, along with a team of four associates, is one of several significant recent moves in the country since Simmons & Simmons launched an office in Moscow in October last year, although international firms, such as Clifford Chance (CC), have been relocating partners to Moscow from other offices.
Simmons transferred
Commenting on the office’s first six months, Orlov said: We are fully operational and there is enough business for everyone.
Lawyers are not expecting the change in the country’s leadership — Dmitry Medvedev takes over the presidency from Vladimir Putin this month — to have a marked effect on one of the most coveted emerging markets for lawyers. Orlov said: “[Putin] is still in power and they are working in tandem. The continuity and stability is positive for the legal market. Continuity is good for business.”
M&A and infrastructure remain active, although some areas of capital markets have been affected both by the prolonged market turmoil and the political tensions between the
RUSAL was eyeing a $9bn (£4.6bn) float on the London Stock Exchange earlier this year, but has reportedly abandoned the idea in light of the credit crunch and regulatory hurdles.
Goldberg said: “
Meanwhile, significant M&A deals include RUSAL’s acquisition of a 25% stake in Norilsk Nickel. The deal, which closed last month, generated roles for Ashurst and Egorov Puginsky Afanasiev & Partners for RUSAL, Linklaters for the shareholders and Hogan & Hartson for the seller.
Another significant deal was French insurance company AXA’s 33% purchase of RESO, for just over $1bn (£511m). This deal saw CC advising RESO and Linklaters Moscow managing partner John Goodwin advising AXA.
Goodwin said: “This was an interesting deal because it reflects the idea that serious Western players are coming into