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Ten-partner City telecoms practice Rakisons has missed the chance to advise the Ecuadorean government on privatising its telecoms operator because it could not get its detailed submission in on time.
The firm was shortlisted to advise on the the privatisation of Ecuadorean state telecom operator Emetel alongside four US international giants - O'Melveny & Myers, Skadden Arps Slate Meagher & Flom, White & Case and Baker & McKenzie.
However, Rakisons assistant Daniel Preiskel, to be made a partner in September, said it was not entering the second round of bidding. It had been drawing up its detailed application with a second UK practice which it hoped would provide support on the transaction.
But, according to Preiskel: "They got cold feet at the last minute and we had been preparing the documents on their system and they could not get it across to us in time."
However, Rakisons has now put in an application to advise the Government in a supervisory role by checking other lawyers' work.
Rakisons made it to the short list partly because of Preiskel's experience between mid-1994 and February 1995 when he worked as an investment banker at Morgan Grenfell advising first Peru and then Bolivia on privatising their telecom operators.