Letter from… Moscow: Apocalypse now beckons as sanctions and turmoil batter foreign lawyers in Russia

Letter from… Moscow: Apocalypse now beckons as sanctions and turmoil batter foreign lawyers in Russia

Remember the days when Russia was the El Dorado of the Western legal elite? Potent New York outfits like Cleary Gottlieb Steen & Hamilton and Skadden, Arps, Slate, Meagher & Flom forged hugely lucrative businesses catering to Russian clients, while oligarchs and their top-dollar disputes were regulars in London’s commercial courts.

Just half a decade on and those days seem a distant memory. Chat informally with local partners and, once you get past the party line about it not being so bad, it is clear they are spending increasing chunks of their working lives merely trying to stay in the game. Continue reading “Letter from… Moscow: Apocalypse now beckons as sanctions and turmoil batter foreign lawyers in Russia”

Market report: Russia and the CIS – The new silk road

Market report: Russia and the CIS – The new silk road

While deal flow in Russia remains hampered by sanctions over the war in eastern Ukraine, local firms have made efforts to plan around these and develop new products and services to compensate for a decline in traditional mandates. The Russian market is also beginning to attract considerable volumes of work from the broader CIS region as well as Asia.

After promoting three new partners in 12 months, Russian firm Pepeliaev Group has now reached 24 partners globally. Sergey Pepeliaev, the firm’s managing partner, argues that the Russian market is becoming more sustainable and steadily diversifying.

Continue reading “Market report: Russia and the CIS – The new silk road”

Euro elite: focus Russia and CIS – Cold fronts

Euro elite: focus Russia and CIS – Cold fronts

While international firms have enjoyed tussling with leading independents in Moscow for years, a hardening market has seen the local players show their resilience.

Russia’s legal market continues to struggle after international sanctions were imposed in 2014 during the Ukraine crisis, affecting corporate, commercial and capital markets. These penalties added to the problems the region was already grappling with following the global financial crisis and low oil prices that were hitting the nation’s industry.

Continue reading “Euro elite: focus Russia and CIS – Cold fronts”

Russian success: Hogan Lovells, CC, Linklaters and A&O land spots on VEB legal panel

Russian success: Hogan Lovells, CC, Linklaters and A&O land spots on VEB legal panel

Magic circle trio Clifford Chance (CC), Linklaters, and Allen & Overy (A&O) have all been gifted places on the extensive legal panel of Russian state-owned bank Vnesheconombank (VEB), alongside a host of other international firms including Hogan Lovells, Akin Gump Strauss Hauer & Feld, White & Case, Norton Rose Fulbright (NRF), and Baker & McKenzie.

Continue reading “Russian success: Hogan Lovells, CC, Linklaters and A&O land spots on VEB legal panel”

Russian leader Egorov Puginsky hires managing partner and nine lawyer capital markets team from rival Liniya Prava

Russian leader Egorov Puginsky hires managing partner and nine lawyer capital markets team from rival Liniya Prava

Leading Russian firm Egorov Puginsky Afanasiev & Partners has hired the managing partner and co-founder of rival Moscow firm Liniya Prava, who joins alongside a nine-lawyer capital markets team. Continue reading “Russian leader Egorov Puginsky hires managing partner and nine lawyer capital markets team from rival Liniya Prava”

Shale Gas: CC and Morgan Lewis lead on $10bn Chevron Ukraine deal

Shale Gas: CC and Morgan Lewis lead on $10bn Chevron Ukraine deal

With major international firms angling to position themselves as leaders in the burgeoning shale gas field, Clifford Chance (CC) is advising energy giant Chevron on its $10bn shale gas exploration project with the Ukrainian government, a mammoth geopolitical deal which could see the region end its dependence on natural gas imported from Russia by 2020.

The Magic Circle firm, acknowledged as a top-tier firm in the oil and gas sector, is advising Chevron opposite US firm Morgan Lewis and Ukrainian independent Asters, which are advising the Ukrainian government and developing something of a track record for high value deals having advised Royal Dutch Shell on a similar value shale deal in Eastern Ukraine earlier this year. Continue reading “Shale Gas: CC and Morgan Lewis lead on $10bn Chevron Ukraine deal”

TNK-BP takeover saga ends in largest Russian deal ever

The ongoing battle over what was to become of Russian oil joint venture (JV) TNK-BP finally concluded at the end of 2012, in one of the largest M&A deals of the year. Skadden, Arps, Slate, Meagher & Flom, Cleary Gottlieb Steen & Hamilton and Linklaters all played lead roles on TNK-BP’s multibillion-dollar sale to Russian state-owned oil giant Rosneft in December.

The deal has made Rosneft, advised by Cleary, the largest listed oil company in the world. However BP, represented by Linklaters, still has an almost 20% stake in the company after negotiating a cash plus shares sale worth $27bn. Continue reading “TNK-BP takeover saga ends in largest Russian deal ever”