In an unexpected development, it seems that law firms are paying for Putin's adventures in Ukraine as they announce redundancies and staff re-deployments.
The US and the EU targeted Russian banks and businesses in response to Putin dressing up his special forces as peasants, invading Ukraine, denying it and then admitting it after tank commanders tweeted selfies from the Crimea. But the sanctions are having a knock-on effect on western law firms operating in the region.
Allen & Overy has made four associates redundant in Moscow, with a spokesman saying the move "reflects anticipated demand for local capital markets advice in the foreseeable future". He added that the firm was "committed to meeting the changing needs of our clients in this market", so defectors looking to get out once the Iron Curtain descends know where to go.
A&O is by no means the only firm affected, with increasing public acknowledgement across the market that sanctions are biting billings. White & Case told RollOnFriday that "following the imposition of sanctions, it’s clear that market conditions in Russia have changed". It said it was monitoring the situation closely.
Meanwhile a Linklaters spokesman told RollOnFriday that the firm has redeployed "a significant number of our lawyers (both UK and Russian qualified)" using secondments to Linklaters' London, Dubai, Warsaw and Hong Kong offices. He said that political events, including sanctions, were "clearly having a noticeable impact on business activity levels in Russia".
Tip Off ROF
The US and the EU targeted Russian banks and businesses in response to Putin dressing up his special forces as peasants, invading Ukraine, denying it and then admitting it after tank commanders tweeted selfies from the Crimea. But the sanctions are having a knock-on effect on western law firms operating in the region.
Allen & Overy has made four associates redundant in Moscow, with a spokesman saying the move "reflects anticipated demand for local capital markets advice in the foreseeable future". He added that the firm was "committed to meeting the changing needs of our clients in this market", so defectors looking to get out once the Iron Curtain descends know where to go.
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"Uri, this will take you straight to London. We tested it on a vac schemer and she's going to be fine" |
A&O is by no means the only firm affected, with increasing public acknowledgement across the market that sanctions are biting billings. White & Case told RollOnFriday that "following the imposition of sanctions, it’s clear that market conditions in Russia have changed". It said it was monitoring the situation closely.
Meanwhile a Linklaters spokesman told RollOnFriday that the firm has redeployed "a significant number of our lawyers (both UK and Russian qualified)" using secondments to Linklaters' London, Dubai, Warsaw and Hong Kong offices. He said that political events, including sanctions, were "clearly having a noticeable impact on business activity levels in Russia".
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Sadly, the mass sackings of 2009 have shown law firms they can get away with being just as ruthless as any other industry when it comes to screwing over associates.
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The story must have really hit a raw nerve. Keep up the good work RoF, Putin's cronies are reading this.
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