The Global Law Firm's Survival Guide to Russia
In a market rocked by sanctions and sagging oil prices, U.S. and U.K. firms are finding new ways to adapt—even though it means competing with Russian firms on their own turf.
July 28, 2017 at 08:13 PM
20 minute read
It is difficult to believe that, in the not-so- distant past, Russia was one of the hottest legal markets on the planet.
Throughout the mid-2000s, record oil prices drove Russia's energy-dependent economy to dizzying heights. Keen to tap into this veritable economic gusher, cross-border investors poured bucket loads of cash into the market, and law firms scrambled to keep pace with the glut of big-ticket transactional work. Among the elite dealmakers that profited were international firms such as Cleary Gottlieb Steen & Hamilton; Hogan Lovells; Skadden, Arps, Slate, Meagher & Flom and the U.K. Magic Circle as well as some with broader practices such as Baker McKenzie and Dentons.
Many of these firms had been in Russia since its legal market began with the fall of the Soviet Union. With the leading Russian firms, such as Alrud and Egorov Puginsky Afanasiev & Partners (EPAM), lacking the head start that domestic firms enjoy in most markets, the global firms had the edge, dominating their chosen practice areas. The intense competition for associates and Grade A office space saw rental costs and lawyer salaries skyrocket, even hitting New York levels at some firms.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
NOT FOR REPRINT
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
You Might Like
View All
Deal Watch: Gibson Dunn, V&E, Kirkland Lead Big Energy Deals in Another Strong Week in Transactions
10 minute read
'London and Brussels Have Quickly Become Accretive for the Firm': Paul Weiss Enters Top 10 UK M&A Advisers
5 minute read
Deal Watch: Gibson Dunn, Latham, Wachtell, Akin, Simpson, Ropes Advise on Big Deals as M&A Activity Climbs
9 minute readTrending Stories
Who Got The Work
Michael G. Bongiorno, Andrew Scott Dulberg and Elizabeth E. Driscoll from Wilmer Cutler Pickering Hale and Dorr have stepped in to represent Symbotic Inc., an A.I.-enabled technology platform that focuses on increasing supply chain efficiency, and other defendants in a pending shareholder derivative lawsuit. The case, filed Oct. 2 in Massachusetts District Court by the Brown Law Firm on behalf of Stephen Austen, accuses certain officers and directors of misleading investors in regard to Symbotic's potential for margin growth by failing to disclose that the company was not equipped to timely deploy its systems or manage expenses through project delays. The case, assigned to U.S. District Judge Nathaniel M. Gorton, is 1:24-cv-12522, Austen v. Cohen et al.
Who Got The Work
Edmund Polubinski and Marie Killmond of Davis Polk & Wardwell have entered appearances for data platform software development company MongoDB and other defendants in a pending shareholder derivative lawsuit. The action, filed Oct. 7 in New York Southern District Court by the Brown Law Firm, accuses the company's directors and/or officers of falsely expressing confidence in the company’s restructuring of its sales incentive plan and downplaying the severity of decreases in its upfront commitments. The case is 1:24-cv-07594, Roy v. Ittycheria et al.
Who Got The Work
Amy O. Bruchs and Kurt F. Ellison of Michael Best & Friedrich have entered appearances for Epic Systems Corp. in a pending employment discrimination lawsuit. The suit was filed Sept. 7 in Wisconsin Western District Court by Levine Eisberner LLC and Siri & Glimstad on behalf of a project manager who claims that he was wrongfully terminated after applying for a religious exemption to the defendant's COVID-19 vaccine mandate. The case, assigned to U.S. Magistrate Judge Anita Marie Boor, is 3:24-cv-00630, Secker, Nathan v. Epic Systems Corporation.
Who Got The Work
David X. Sullivan, Thomas J. Finn and Gregory A. Hall from McCarter & English have entered appearances for Sunrun Installation Services in a pending civil rights lawsuit. The complaint was filed Sept. 4 in Connecticut District Court by attorney Robert M. Berke on behalf of former employee George Edward Steins, who was arrested and charged with employing an unregistered home improvement salesperson. The complaint alleges that had Sunrun informed the Connecticut Department of Consumer Protection that the plaintiff's employment had ended in 2017 and that he no longer held Sunrun's home improvement contractor license, he would not have been hit with charges, which were dismissed in May 2024. The case, assigned to U.S. District Judge Jeffrey A. Meyer, is 3:24-cv-01423, Steins v. Sunrun, Inc. et al.
Who Got The Work
Greenberg Traurig shareholder Joshua L. Raskin has entered an appearance for boohoo.com UK Ltd. in a pending patent infringement lawsuit. The suit, filed Sept. 3 in Texas Eastern District Court by Rozier Hardt McDonough on behalf of Alto Dynamics, asserts five patents related to an online shopping platform. The case, assigned to U.S. District Judge Rodney Gilstrap, is 2:24-cv-00719, Alto Dynamics, LLC v. boohoo.com UK Limited.
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250
