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An international tax team from Baker & McKenzie has quit the US firm for professional services rival Ernst & Young. Four Baker partners, all focusing on M&A and capital markets transactions, are joining Ernst's Chicago and San Jose offices. Steven Surdell, David Waimon and Russell Carr will be based in Chicago, with Michael Bumbaca based in San Jose.

Slaughter and May is advising UK cellphone operator Orange on its initial public offering. France Telecom, Orange's parent company, is making a simultaneous bond offering convertible into Orange shares. Corporate partners Nigel Boardman and Tim Boxell are leading the team at the UK firm, which includes partners Howard Jacobs (pensions/employment) and Fiona Ferguson (tax). Freshfields Bruckhaus Deringer is advising underwriters Dresdner Kleinwort Benson, Morgan Stanley Dean Witter and Société Générale. Corporate partner Tim Emmerson is leading the Freshfields team, working with securities partner Patrick Bonvarlet, and corporate partners Simon Witty and Carlo Kostka, who are advising on the covertible bonds.

Davis Polk & Wardwell has advised US cable television operator Comcast Corporation on its offering of $1.5 billion principal amount at maturity of zero coupon convertible debentures. The debentures can be converted into Comcast shares at the holder's option. Corporate partner Bruce Dallas led the team at the US firm, working with tax partner Po Sit. Cahill Gordon & Reindel advised lead manager Credit Suisse First Boston.

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

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

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.

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:

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.

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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.