Berwin Leighton Paisner has advised new AIM client Orad Hi-Tec Systems, the first company to seek a listing on London's AIM following the demise of Germany's Neuer Markt. Orad, an Israeli television production technology company, is also the first company to announce its application to trade on AIM under new fast-track rules that were launched in May. The rules are intended to provide an easy way for companies that are traded on one of nine approved foreign markets to join AIM. "The streamlined AIM rules provide a time and cost-efficient way for eligible companies to join the AIM market. In particular, dispensation with the requirement to prepare a full AIM admission document has resulted in substantial cost savings for Orad," said Berwin Leighton partner Daniel Cohn. Another Israeli client, Pilat Technologies International, recommended Berwin Leighton's Israel desk to Orad. The Israel desk, which is led by partner Jonathan Morris, who worked with Cohn on the Orad listing, has built a portfolio of around 40 Israeli companies, but this was its first instruction from Orad. The Israeli company has a small sales subsidiary in the UK, which has not had any need for local legal advice since its launch in December 1999. Orad had a listing on the Neuer Markt in Germany until the exchange for high-growth companies was closed last year. The company decided to look to London and build a shareholder base in the UK. It had been approached by nominated adviser Shore Capital, which was targeting companies that were listed on the Neuer Markt. Orad appointed Shore Capital as nominated adviser and broker. By coincidence, Shore Capital's general counsel is Jonathan Paisner, the son of BLP senior partner Harold Paisner who left the firm before its merger with Berwin Leighton. His team kept all the legal work in-house on the Orad listing. Orad shares will be traded on AIM and will retain a listing on the Prime Standard segment of the Deutsche Börse. Deutsche Bank is the company's listing agent in Germany and Orad uses the bank's in-house legal department if it requires German legal advice.