Russia and the rule of law – together at last

By Richard Lloyd

At this gathering of independent firms from Russia and surrounding countries, Nick Eastwell, the head of Linklaters' new emerging markets practice, was on hand to make the case for international firms. In particular, he highlighted the UK firm's decision to spin off four offices in Eastern Europe while launching a group focused on the developing economies of Europe, the Middle East, and North Africa. Dr Cord-Georg Hasselmann of Hengeler Mueller and Dimitry Afanasiev of EPAM argued for the independents, outlining international strategies based on a series of 'best friends' relationships with overseas practices.

The health of Russia's rule of law is a topic of interest to both Russian independents and international firms (especially now, as oil giant BP struggles with its Russian partners for control of joint venture TNK-BP). Echoing a point made several times over the course of the conference, Afanasiev stressed the need for judicial reform in Russia, which he said was vital if major M&A deals and litigation were to be done under Russian law. "We need to promote the prestige of being a judge and ensure the inevitability, not the severity, of punishment," he said.

The guest speaker at dinner on Thursday evening was Igor Artemiev, head of the Federal Anti-Monopoly Service of Russia. He assured all those present that Russia's new antitrust laws were so complicated that companies were bound to need lawyers to guide them. Not surprisingly, he was warmly received. The only downside of Thursday evening was Russia's misfiring football team, which lost 3-0 to Spain in the European Championships semi-final. Russia's law firms hope to do better.