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Legal market overview
Venezuela continues to experience grave economic difficulties and these have only been exacerbated by the global drop in oil prices, adding to the fiscal pressure on the Maduro administration, which, holding to the socialist agenda of the Chavez period, has reacted with ever more state-interventionist policies. These, in turn, have led many foreign investors to avoid Venezuela or withdraw their investments. Foreign exchange controls make cross-border transactions difficult, and price controls affect almost every economic activity. The resulting shortages in food and other basic necessities have led to political protests and increasing black market activity, leading to even more pressure on the government.
The crisis is also affecting the legal market. Many law firms are following the example of commercial companies by downsizing. Finance and M&A practices in particular are suffering from a drop in transactional activity, and there is widespread pressure on fee rates. On the other hand, the crisis has also led to increased demand for legal services in areas such as public law, tax, labour, and dispute resolution, as clients seek advice on how to cope with increasingly demanding regulation and tax laws, as well as assistance with downsizing and layoffs and help with disputes, where cost-effective arbitration and mediation are particularly sought after.
The four leading full-service law firms remain Baker & McKenzie SC, D’Empaire Reyna Abogados, Hoet Pelaez Castillo & Duque and Norton Rose Fulbright; which achieve high rankings in almost every practice area. There has been relatively little movement in the market in terms of law firm mergers, spin-offs, and lateral partner hires. Notable exceptions are the merger of WDA legal, S.C. with tax boutique Fraga & Viloria, S.C.; the move of public law expert Alejandro Gallotti from Torres, Plaz & Araujo to Hoet Pelaez Castillo & Duque; and the move of arbitration expert Marcos Carrillo from Lloan & Asociados to Araquereyna. In light of such challenging economic conditions, it is unsurprising that few law firms are investing; to some degree the legal market is in a suspended mode and awaits better times.
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Following a leak in early December , the European Commission has officially published the finalised proposed new legislation which aims to strengthen privacy in electronic communications. The Regulation on Privacy and Electronic Communications (“Proposal”) aims to repeal the ePrivacy Directive. These rules will be updating existing laws and bringing them in line with the new General Data Protection Regulation (“GDPR”), forming part of the Digital Single Market Strategy.
If there are two or more conflicting water use projects (eg, hydroelectric power stations), the Water Act provides for a special conflict procedure. A pending conflict procedure suspends decisions in all underlying approval procedures. As a result of the conflict procedure, the project which serves public interests best will take priority over the inferior project. read more...
Baloîse (SIX: BALN) is to acquire a majority stake in publicly listed real-estate company Pax Anlage AG (SIX: PAXN). By entering into agreements with majority shareholders Pax Holding (Genossenschaft), Pax, Schweizerische Lebensversicherungs-Gesellschaft AG and Nürnberger Lebensversicherung AG, Baloîse Life Ltd will acquire around 70 per cent of the share capital and voting rights. Today, Baloîse published the pre-announcement of a public takeover offer for the remaining approx. 30 per cent of shares in free float at a price of CHF 1,600 per share (subject to dilution effects). The aggregate transaction value amounts to approx. CHF 288 mio. The transaction is subject to regulatory approvals.
Drew & Napier Data Protection Quarterly Update Q4/2016
For “CBA 90” bonuses to be paid in 2017, the maximum exempted amount is higher than last year since the indexed ceilings have been fixed at EUR 3,255 (social security ceiling) and at EUR 2,830 (fiscal ceiling).
The long awaited law on various provisions regarding labour law in the context of incapacity for work was finally published, together with two royal decrees which entered into force on 1 December 2016. These regulations introduce the principle of a re-integration track within the company for employees temporarily or permanently incapacitated for work.
Applicable Test: Application for leave under s216A of the Companies Act to intervene in on-going proApplicable Test: Application for leave under s216A of the Companies Act to intervene in on-going proceedings
The highly anticipated new Romanian law on public-private partnership ( "New PPP Law" ) has been finally enacted and will enter into force on 25 December 2016. It replaces the former Law no. 178/2010 on public-private partnership, which due to significant legislative inconsistencies has failed to accommodate any public-private partnership ( "PPP" ).
If you were a beneficiary of someone who left assets in Spain but you were not yourself a resident of Spain you may have paid a higher rate of inheritance tax and may be due a refund since a ruling in the European Court of Justice in September 2014 which decided that the difference applied between residents and non-residents with regard to the application of inheritance tax and gift tax was discriminatory. The Spanish legislator has therefore been obliged to amend the inheritance tax law.
16 Dec 2016
KFTC Enhances the Predictability and Clarity of Decisions but Potentially Increase the Overall Administrative Fine Levels- Lee & Ko
For immediate release | London 09 January 2017
If the object of a sale exhibits defects, the buyer can refuse to pay the purchase price until the defects have been removed. That was the verdict of the Bundesgerichtshof (BGH), Germany’s Federal Court of Justice, in its ruling of October 26, 2016 (Az.: VIII ZR 211/15).
Baker & Partners has welcomed its newest team member, Director of Regulation Debbie Sebire .
A notice of dismissal with the option of altered conditions of employment terminates the employment relationship as constituted based on the conditions in place up until that point in time. At the same time, an offer is made to continue the employment relationship with revised conditions.
Even the best of families has arguments, and the same is true for shareholders of a GmbH. Having said that, a ruling of the Oberlandesgericht (OLG) München [Higher Regional Court of Munich] demonstrates that a shareholder’s fiduciary duty does not apply in every case.
Goltsblat BLP, the Russian practice of the international law firm Berwin Leighton Paisner (BLP), advised on the acquisition by Rossium group of companies of a 90.99% stake in ONEXIM's PJSС OPIN. The purchaser’s beneficiary is Credit Bank of Moscow majority shareholder Roman Avdeev.
STA Law Firm is pleased to announce its footprint within the Kingdom of Saudi Arabia with the law firm of Al Suwaiket & Al Busaies.
12 January, 2017
The legal provisions pertaining to labour leasing, also referred to as temporary employment or subcontracted work, are being shaken up.