1 / 21

Dimitry Afanasiev Chairman Egorov Puginsky Afanasiev and Partners

Dimitry Afanasiev Chairman Egorov Puginsky Afanasiev and Partners. 1. The Russian economy: Change of approach _______________________________________.

traugott-nigel
Download Presentation

Dimitry Afanasiev Chairman Egorov Puginsky Afanasiev and Partners

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Dimitry Afanasiev Chairman Egorov Puginsky Afanasiev and Partners

  2. 1 The Russian economy: Change of approach_______________________________________ Through 1990’s and 2000’s, the Russian economy relied heavily on the export of oil, gas and other primary resources to sustain economic growth and to help balance itsfederal budget. Heavily underinvested, Russian manufacturing has lost momentum in its technical development and fell far behind its global competitors.

  3. 1 The Russian economy: Change of approach_______________________________________ Russian business and government understand its high time for Russia to expand its economy beyond resource extraction andbecome moreintegrated into theworldeconomy. Infrastructural revolution that is beginning in Russia needs the key competencies which can be imported sometimes only by buying stakes in the leading Western companies and attracting foreign investment, technology and management in Russia.

  4. Selecting legal counsel: Factors to watch_______________________________________ 2 Situation 1: Russian client →Foreign lawyer: • “Bottom line” answers – straight shooters. • 2. Is the relationship partner “hands on”? Or a traffic cop? • 3. Standing with the judge. • 4. Hungry American – stealing clients. • 5.Doing the right thing – once a Russian client trusts its lawyer, such client expects the lawyer to make decisions for the client instead of constantly giving options and • taking instructions. • 6. Alternative billing arrangements. • 7. Not too busy to deal.

  5. Selecting legal counsel: Factors to watch_______________________________________ 2 Situation 2. Foreign client →Russian lawyer: • Standing with the judge. • 2. Local firm for litigation: a) player; • b) advocates’ advantages – immunity • privilege. • 3. English, and compatible technology. • 4. Western professional standards. • 5. Federal Chamber of Advocates – the • source of reference. • 6. CYA issue selecting foreign counsel. • Not to lose the client to another American law firm with a Moscow office. • Local counsel must understand client’s business.

  6. 3 The maturing of the Russian law firms _______________________________________ Evolution of a Russian lawyer in the post-Soviet period 1990’s 2007 “The changes in Russia’s legal sector over the past decade have been fascinating to watch…”

  7. 3 The maturing of the Russian law firms _______________________________________ Russia is now encountering some of the same legal issues as the United States did 70 or 80 years ago. America, 1930’s It is amazing to see how legislation in a similar economy often follows the same Russia, 2000’s logic, and how similar decisions are often reached, even when there can be nearly a century separating the times in which the law answers a particular question in one country and another.

  8. 3 The maturing of the Russian law firms _______________________________________ The Russian legal market always consisted of two different markets that never communicated with each other: 50+ WESTERN LAW FIRMS with branches in Moscow advising Western companies on deals in Russia and advising Russian companies on deals outside of Russia. The operating language is English. 30+ Russian-style “BARRISTERS” focusing on Russian litigation services, local battles for corporate control, fights with the government, the real life and blood of the Russian business community. The operating language here is Russian, the practitioners are often nameless and solo and half the battle is fought behind closed doors...

  9. 3 The maturing of the Russian law firms _______________________________________ • Maturity factors: • Branding; • Systematic approach to marketing; • Multilayer structure; • Large-scale and international projects; • Specialization of the firm and personnel; • Size (matters…) 100<; • Problem of founding-fathers. Viktor Vasnetsov, Bogatyrs, 1898 The recent phenomenon is the emergence of Russian law firms with a thorough understanding of Western professional and ethical standards of practice, who can, at the same time, effectively deal with the local conditions by being local players.

  10. When a Russian law firm can prove valuable? _______________________________________ 4 A Russian law firm can prove valuable in three instances: • a Russian law firm is generally a more effective counsel in Russia • a Russian law firm which understands its Russian client and also understands the West can be very helpful to its client in managing his overseas interests by selecting and directing the local counsel as appropriate. • the tough experience of surviving in Russia makes for useful experience when operating in other third-world, emerging markets. “A successful and competent local law firm is almost always more effective in any market. Russia is a pretty nationalistic place so the home advantage is even more pronounced...”

  11. When a Russian law firm can prove valuable? _______________________________________ 4 The problem is that there are very few successful and competent local law firms in Russia.  Such is the shortage of qualified commercial lawyers in Russia that young associates with commercial experience in Moscow now command top New York salaries… • Issues? • Research? • Judgment?

  12. When a Russian law firm can prove valuable? _______________________________________ 4 A local law firm Many clients are simply not used to using a local law firm, at least when things are good… An international law firm However, as the time goes by, I think that Russia will be dominated by two or three major national law firms with international law firms advising mostly on certain legal aspects such as an IPO in London.

  13. Faces of the Russian Legal Market_______________________________________ 5 I keep my mouth shut and getting paid a lot! An American expatriate lawyer in Moscow

  14. Faces of the Russian Legal Market_______________________________________ 5 The Americans have overtaken us again! A British lawyer in Moscow

  15. Faces of the Russian Legal Market_______________________________________ 5 Why am I invited to the French Embassy cocktails only…? A French lawyer in Moscow

  16. Faces of the Russian Legal Market_______________________________________ 5 If they fire me, I might have to take the bar exam… DIPLOMA «Can speak English» CUM LAUDE A Russian lawyer in an American law firm in Moscow

  17. Faces of the Russian Legal Market_______________________________________ 5 I am in charge…

  18. Faces of the Russian Legal Market_______________________________________ 5 Can a Law firm do an IPO??? Partner in a Russian law firm

  19. Faces of the Russian Legal Market_______________________________________ 5 What economic boom?... Advocate of the Soviet Bar Association

  20. Faces of the Russian Legal Market_______________________________________ 5 Chinese takeover project… Chinese lawyers in Moscow

  21. Moscow 40 Bol. Ordynka, Suite 320, Moscow, 119017, Russia St.Petersburg 22-24 Nevsky pr., Suite 132, St. Petersburg, 191186,Russia London 3 Gough Square, London, EC4A 3DE Moscow London St.Petersburg

More Related