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Shearman scoops Freshfields and A&O lawyers

Shearman & Sterling is raiding two top-tier UK firms for senior securitization lawyers, as the US firm strengthens its English law capability in London's booming market

January 11 2001

Financial accounting regulator urges fair value reforms

An international working group of accounting standard setters is calling for changes to accounting practices for financial instruments. The US Financial Accounting Standards Board has published a special draft report detailing the working group's recommended reforms. These include: * measuring all financial instruments at fair value

January 11 2001

Morgan Lewis snares Sullivan tax specialist

Sullivan & Cromwell is losing tax special counsel Michael Walutes to US rival Morgan, Lewis & Bockius in New York. Walutes, who becomes a tax partner in the 290-lawyer Morgan Lewis office, focuses on cross-border M&A, corporate restructurings, securitization, and capital markets work.

January 10 2001

Vinson & Elkins Washington head quits

The head of Vinson & Elkins' Washington DC office has left the US firm to become senior vice president of tax and legal at investment company client Hudson Advisors. Vinson partners Jay Herbert and Mark Tuohey are replacing tax specialist Mike Thomson as co-administrative partners in charge of the office. Herbert is chair of the firm's communications group, while Tuohey is a litigator.

January 10 2001

OECD unveils e-commerce tax rules

The OECD has amended its Model Tax Convention, the reference point for most bilateral tax treaties, to clarify when countries can and cannot tax e-businesses. The new model aims to end confusion about whether a government have the right to tax internet companies based abroad but operating in the government's jurisdiction. The amended Convention says governments should only tax companies operating through a permanent establishment based locally, and explains:

January 10 2001

The-business

Are you ready for change? You should be...

January 09 2001

Kirkland & Ellis launches US tax group

US firm Kirkland & Ellis is building a US west coast tax presence, hiring the head of tax at Troop, Steuber, Pasich, Reddick & Tobey, the Los Angeles firm recently acquired by Akin, Gump, Strauss, Hauer & Feld. Robert Jason, whose clients provide an estimated $1.4 billion of business annually, represents movie and television production companies in leveraged buyouts, M&A, and high-yield financing.

January 08 2001

Jones Day raids Deutsche Bank in structured finance push

Jones, Day, Reavis & Pogue is set to launch a German structured finance practice as part of wider plans to bulk up its local presence

January 04 2001

Italian bank to sue accountants

The shareholders of Banca Popolare di Novara are set to sue PricewaterhouseCoopers, alleging that the Italian bank's advisers failed to detect a L100 billion ($48.6 million) accounting error in its bond portfolio in 1999, according to Reuters. The bank's lawyers have been authorized to file the suit by around 1,200 of its shareholders. PwC has rejected the board's accusations, claiming it is being blamed for the bank's error, and has stated that shareholders suffered no damage.

January 03 2001

China to amend tax laws

The Chinese government is speeding up plans to adjust its tax structure, equalizing tax rules for local and foreign companies to keep the country in line with World Trade Organization rules. Finance minister Xiang Huaicheng said China will adopt uniform rates of corporate income tax, tax on using cultivated land and tax on transport vehicles.

January 02 2001

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