The Lawyer Asia Pacific 150 is the only research report to provide a ranking of the top 100 independent local firms and top 50 global firms in the region. The report offers critical review of some of the fastest growing firms and their strategies, a country-by-country guide to leading legal advisers and legal services market trends, plus exclusive insight into the current business development opportunities in the Asia Pacific. Read more
This year, The Lawyer’s annual ranking of the largest UK law firms by turnover is available as an interactive, digital benchmarking tool. For the first time this will allow you to manipulate each data set against the metrics of your choice.
More than 40 former Sidley Austin Brown & Wood clients are to appeal a ruling by a US federal judge last week, ordering the US firm to turn over clients’ names to the Inland Revenue Service (IRS) in relation to a tax shelter investigation.
In November 2003 a Senate subcommittee report revealed that legacy firm Brown & Wood had made US$15m for issuing standard opinion letters, backing the use of the potentially illegal tax shelters to more than 300 tax clients, at a cost of around $50,000 for each of the mass produced letters.
The combined firm was subsequently asked to hand over the names of all the clients but a group of 48 clients refused to give the firm permission to reveal their identities.
As a result the IRS served a summons on Sidley Austin to hand over the identity of the clients, and last week a federal court judge ruled that the firm should reveal the information.
However the intervening clients obtained an order staying the enforcement, thereby giving them a chance to appeal the decision. The group will now file an appeal, which is expected to be heard in about a month’s time.
In a prepared statement Sidley Austin said: "While the Court upheld the summons as we expected, and we will abide by the Court's decision, the former clients who have objected will - given the stay - have an opportunity to offer their arguments to the court of appeals."
The Brown & Wood partner who provided the advice, Raymond Ruble, has since been dismissed from the firm.